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Free AccessŠefčovič Takes Over From Timmermans As Green Deal Chief
First Vice President of the European Commission and Exec VP for the European Green Deal Frans Timmermans resigned his positions within the Commission on 22 August in order to run for the Dutch premiership as head of a left-wing/green bloc. Commission President Ursula von der Leyen then confirmed that Vice-President of the European Commission for Interinstitutional Relations Maroš Šefčovič had been appointed to replace Timmermans in both positions. The shift is a notable shake-up within the Commission, with Timmermans and Šefčovič effectively seen as the second and third-highest ranking members of the Commission behind VdL since 2019.
- Šefčovič's most prominent role in recent years has been in leading EU talks with the UK following the latter's exit from the bloc, and in the wake of the Russian invasion of Ukraine led the bloc's joint gas purchase initiative.
- Timmermans' departure comes at a difficult time for the Commission regarding the Green Deal, with Politico reportingthat "Šefčovič takes the post at a perilous moment for EU climate policy. EU efforts to reduce greenhouse gases are being met with growing resistance as concerns mount over the costs to business and mandatory interventions into everyday life."
- There is increasing pushback on green measures- seen as pushing up costs for consumers and businesses already struggling with high inflation - from VdL's own centre-right European People's Party (EPP) political grouping as well as the conservative ECR and right-wing ID blocs.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.