The committee is responsible for legislation on the financial markets of the EU, the world's largest economy, and overseeing Euro monetary policy.

The committee's responsibilities include the regulation of the financial sector, the free movement of capital and payments, competition rules, tax provisions, and the functioning of the Euro.

It is also responsible for democratic oversight of the Frankfurt-based European Central Bank, whose President Jean-Claude Trichet reports to the committee four times a year.

Sharon Bowles was quoted saying "we have to repair and stabilise the financial markets and supervision, curbing the excesses which have been so clearly exposed in the past year whilst making sure regulation is intelligent, workable and properly enforced.

The chair was previously held by a French Socialist. European Liberals are most satisfied that this important post has been attributed to a liberal deputy. The work of the committee is absolutely essential for Europe's economic recovery. The liberal lead will ensure a rational and coherent policy to serve Europe's citizens.