Finnish European Central Bank council member Erkki Liikanen was appointed by the European Commission this week to head an expert group investigating whether “structural reforms” of banks bolster financial stability and improve efficiency and consumer protection. But who will be the other members? Will there be a British representative despite David Cameron’s recent EU veto?
MHP Sources Say there is likely to be a UK representative on the panel and John Vickers, chairman of the UK’s Independent Commission on Banking cannot be ruled out as a possible candidate. Alternatively, if the British representative is to come directly from one of the major British banks, a senior executive from HSBC is a likely contender for the post.
The group’s mandate will be "to determine whether, in addition to ongoing regulatory reforms, structural reforms of EU banks would strengthen financial stability and improve efficiency and consumer protection, and if that is the case make any relevant proposals as appropriate," according to European Commission. The experts will first meet in February and will conclude in the summer.