Wed Sep 25 02:20:00 UTC 2024: ## Controversial Portuguese Figure Takes Over EU Financial Services

BRUSSELS – Maria Luís Albuquerque, a figure known for her austerity measures as Portugal’s finance minister, has been chosen to oversee financial services in the new European Commission. Her appointment has sparked mixed reactions, with some praising her commitment to fiscal responsibility while others criticize her harsh approach.

Albuquerque, who served as Portugal’s finance minister from 2013 to 2015, was responsible for implementing drastic public spending cuts as part of the bailout package negotiated with international creditors. Her focus on fiscal realism earned her respect in Brussels but angered many citizens back home who felt she was too focused on fulfilling commitments to the EU rather than addressing their concerns.

Her nomination has raised eyebrows, particularly due to her controversial role in the 2015 sale of TAP, Portugal’s flagship airline, and her move from government to a London-based finance firm after leaving office. Concerns have also been raised about her revolving door history, having worked for both Arrow Global and Morgan Stanley after her time in government.

Despite the criticisms, Albuquerque’s appointment has been seen as a way to rectify a perceived slight against Portugal during the previous Commission, when the country was not given a major portfolio. She is expected to be a strong advocate for the EU’s capital markets union, a project aimed at boosting investment and growth.

However, Albuquerque’s appointment is unlikely to be smooth sailing. She is expected to face tough questioning from MEPs during her confirmation hearing, particularly regarding her controversial past and her role in potentially sensitive issues.

The new commissioner will take over a role that has significantly evolved in recent years, with a greater emphasis on implementing existing regulations rather than proposing new legislation. This shift towards implementation is likely to be driven by the EU’s focus on recovering from the pandemic and achieving its ambitious green and digital transition goals.

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