On 2nd October 2020, Mairead McGUINNESS, from Ireland, Commissioner-designate, Financial Services, Financial Stability and the Capital Markets Union, is heard by the Committee on Economic and Monetary Affairs (ECON) of the European Parliament in Brussels to test her general competences, European commitment and specific expertise related to her portfolio. Opening statement by Irene TINAGLI (S&D,IT), ECON Chair. The following transcription is the result of an automatic process. Check Against delivery.

Brussels

Committee on Economic and Monetary Affairs

hearing of Commissioners

TINAGLI, Irene (S&D, IT)

hearing of Mairead MCGUINNESS 2020 (T)

Hearing of Mairead McGUINNESS, Commissioner-designated for Financial Services, Financial Stability and the Capital Markets Union: opening statement by Irene TINAGLI (S&D,IT), ECON Chair

SOUNDBITE (Original), Irene TINAGLI (S&amp;D, IT), ECON Chair, Good morning, everyone. I think we could and should start our hearing today. So I would like to welcome the commissioner-designate for the portfolio of Financial Services, Financial Stability and the Capital Markets Union, Mrs Mairead McGuinness, as well as members of the Economic and Monetary Affairs Committee as the responsible lead committee for this hearing.

SOUNDBITE (Original), Irene TINAGLI (S&amp;D, IT), ECON Chair, I also would like to recall that in line with the guidelines for the approval of the commission, Parliament evaluates commissioners designate on the basis of their general competence, European commitment and personal independence.

SOUNDBITE (Original), Irene TINAGLI (S&amp;D, IT), ECON Chair, It also assesses a knowledge of their prospective portfolio and their communication skills. As you will be aware, the commissioner designate had replied before the hearing in writing to a preparatory questionnaire.

SOUNDBITE (Original), Irene TINAGLI (S&amp;D, IT), ECON Chair, The written answers have been made available to members in all languages. The Committee on Legal Affairs has raised no objection to the holding of a hearing. As you can see, I'm chairing this meeting in person in the meeting room of the European Parliament, and the commissioner designate is also here in person.

SOUNDBITE (Original), Irene TINAGLI (S&amp;D, IT), ECON Chair, Some members of the committee are also present, while others will join remotely, including some who will ask questions of the commissioner designate.

SOUNDBITE (Original), Irene TINAGLI (S&amp;D, IT), ECON Chair, Let me briefly explain the structure of the debate. The commissioner designate is invited to make an opening statement of no longer than 15 minutes. She will then also have five minutes.

SOUNDBITE (Original), Irene TINAGLI (S&amp;D, IT), ECON Chair, At the end of the meeting for a closing statement. After the introduction, there will be time for 25 questions from MEPs. The debate will be held in accordance with its lots, five minutes each with one minute for question, two minutes for the answer from the candidate commissioner

SOUNDBITE (Original), Irene TINAGLI (S&amp;D, IT), ECON Chair, And in case of follow up questions, the question should not be longer than one minute. With one minute or so for the reply.

SOUNDBITE (Original), Irene TINAGLI (S&amp;D, IT), ECON Chair, The first round of seven questions will be asked to by representatives of political groups. The second round of the remaining eight questions is based on the overall distribution of questions amongst the political groups.

SOUNDBITE (Original), Irene TINAGLI (S&amp;D, IT), ECON Chair, Interpretation would be provided in twenty four languages or speakers can therefore use their own language. Speakers are reminded that what they say will need to be interpreted and that they should therefore not speak too quickly.

SOUNDBITE (Original), Irene TINAGLI (S&amp;D, IT), ECON Chair, Those joining remotely should remember to press this button before starting to speak. The debate will be streamed live on the Parliament's Internet site, and it will also be possible to access a video recording of the hearing on the same site.

SOUNDBITE (Original), Irene TINAGLI (S&amp;D, IT), ECON Chair, So I would also like to ask members and the commissioner designate to respect the time allotted to them. As a rule, if the length of the first question consistently exceeds one minute, the possibility of follow up will not be granted.

SOUNDBITE (Original), Irene TINAGLI (S&amp;D, IT), ECON Chair, So we can now start. I now give the floor to the commissioner designate, Mrs McGuinness, for a presentation of fifteen minutes.