Bloomberg News

EU’s Rehn Gets Expanded Powers in Oversight of Economy, Euro

October 27, 2011

Oct. 27 (Bloomberg) -- European Union Economic and Monetary Affairs Commissioner Olli Rehn was given enhanced powers to oversee the region’s economy and the euro currency.

“I intend to entrust Olli Rehn with a reinforced status and additional working instruments,” European Commission President Jose Barroso told the European Parliament today in Strasbourg, France. “He is to become commission vice president for economic and monetary affairs and the euro.”

Barroso didn’t specify the additional instruments. “Rehn will also exercise the commission’s responsibilities in the external representation of the euro area,” the commission said in a statement.

“This is the best way to guarantee independence, objectivity and efficiency in the exercise of the commission’s responsibility of coordination, surveillance and enforcement in the area of economic governance of the union and of the euro area in particular,” Barroso said.

In a separate move designed “to guarantee the independent collection of statistical data,” Barroso said responsibility for the Eurostat statistics office will now be under Algirdas Semeta, EU commissioner for taxation, customs, audit and anti- fraud.

To contact the editor responsible for this story: Jones Hayden at jhayden1@bloomberg.net


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