Margrethe Vestager certainly has a reputation, because in her office as EU Competition Commissioner, the resolute Dane cracked down on everyone who, in her opinion, did not observe the rules of the free market. Among them were big names, tech companies from the USA such as Google, Amazon or Meta (Facebook) had to reckon with severe sanctions and conditions.
But now Vestager, who has also been Vice-President of the EU Commission in Brussels up to now, is giving up. The current Commissioner for Justice, Didier Reynders, will take over her area. “I have been put in charge of the competition portfolio. I will continue to ensure that EU competition policy and competition rules are vigorously enforced,” the Belgian said on Tuesday on X, formerly Twitter. It’s a climb, as the post of competition commissioner is considered one of the most important and influential in Brussels.
Reason for the change: Vestager wants to run for the presidency of the European Investment Bank (EIB). The Brussels authority announced on Tuesday that she had informed Commission President Ursula von der Leyen about her nomination by the Danish government and asked for unpaid leave. Most recently, Vestager suffered a severe defeat when she failed with an important personal matter. The economist Fiona Scott Morton, who worked at the most renowned universities in the USA and advised companies such as Apple, was to become chief economist for competition in the EU Commission. But Vestager’s plan failed due to internal resistance, also because the candidate had an American passport.
Didier Reynders has so far been responsible for justice, he is now rising.
(Photo: Kenzo Tribouillard/afp)
The EIB is the bank of the EU and claims to be the largest multilateral financial institution in the world. Since it was founded in 1958, it has invested more than EUR 1 trillion. Climate protection is currently the priority. Most recently, the EIB has also been involved in supporting Ukraine. The incumbent President, 71-year-old German Werner Hoyer, intends to resign after his second six-year term as President of the EIB at the end of the year and not to stand for another term. The election of the new president will take place at the meeting of the Eurogroup and the EU’s informal Economic and Financial Affairs Council on September 15 and 16 in Santiago de Compostela, Spain. The person elected takes office on January 1st.
Among Vestager’s competitors is the Spanish economy minister and deputy prime minister, Nadia Calviño. But the Dane is considered a favourite. Vestager is not the only prominent departure from the EU Commission, Frans Timmermanns also left to stand as the left’s top candidate in the Dutch general election.