Vestager Steps Down, Reynders Takes Charge of EU Competition Policy

Margrethe Vestager, European Commission’s competition commissioner since 2014, has put her hat in the ring for the presidency of the European Investment Bank (EIB).

According to Bloomberg, the post will be filled in January 2024, and Vestager is taking a leave from her post at the Commission as she stands as a candidate in the election. Her wish is to make a success of this opportunity and return to the Commission with a new mandate, although Caroline Secher Andersen from Danish Ministry of Foreign Affairs has reassured citizens that “the Danish government would propose another candidate to the Commission president for the remaining period of the mandate” in case she is unsuccessful.

Related: Vestager Says EU Should Not Lessen Competition Rules During Crisis

Vestager’s commitment to the European Union’s digital and competition policy has seen her enforcing drastic changes, protecting consumers and ensuring a fair marketplace. During her leave of absence, Justice Commissioner Didier Reynders, from Belgium will take charge of the competition policy in the Commission, which is currently rolling out a list of Big Tech companies to be subject to tougher regulations, and coming to a decision on a potential travel deal veto.

Vestager was officially endorsed by the Renew group, together with the other two candidates for the position. She has been a key figure in the Commission since her arrival, and her possibly taking up the role of EIB president could bring much-needed buoyancy to the economy of Europe in times of pandemic crisis.

It is unclear at the moment who will be successful in vying for the position, however, should Vestager be chosen, it would indicate a considerable shift in priorities from European bureaucrats, one that would positively mirror the decision made for her promotion to the position in 2014. With the possibility of a new president in the hands of the finance ministers at the September 15-16 meeting this year, all eyes are currently on Vestager.

Source: BNN Bloomberg