Procedure : 2019/2888(RSP)
Document stages in plenary
Document selected : O-000031/2019

Texts tabled :

O-000031/2019 (B9-0054/2019)

Debates :

PV 24/10/2019 - 14
CRE 24/10/2019 - 14

Votes :

Texts adopted :

Parliamentary questions
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2 October 2019

Question for oral answer O-000031/2019

to the Commission

Rule 136

Paul Tang, Jonás Fernández

on behalf of the S&D Group

Sven Giegold

  Subject: Appointment of EBA Executive Director Farkas as Chief Executive AFME

 Answer in plenary 

Adam Farkas, the executive director of the European Banking Authority (EBA) since 2011, will join the Association for Financial Markets in Europe (AFME) — one of the financial sector’s leading lobbying groups — as its Chief Executive from February 2020.

According to Article 16 of the European Union Staff Regulations, after resigning, EU officials are banned from lobbying staff of their former institution for a period of 12 months. Furthermore, if an official’s potential new position ‘is related to the work carried out by the official during the last three years of service and could lead to a conflict with the legitimate interests of the institution, the appointing authority may ... either forbid him from undertaking it or give its approval subject to any conditions it thinks fit.’

The EBA’s requirements for Mr Farkas’s future post are unambitious, vague and almost impossible to verify in practice. They also fail to address the perception that interest groups can reward regulators for excessive leniency by providing them with well-remunerated jobs. Therefore this example of revolving doors constitutes a threat to the integrity of our institutions, and seriously undermines citizens’ trust in European institutions.

Does the Commission believe Mr Farkas’s move is in line with its high ethical standards? Does the Commission think Mr Farkas should remain in his position until the end of January, even though his allegiance and loyalty are fundamentally compromised? Will the Commission exert pressure on the EBA to block Mr Farkas’s move? What will the Commission do to put its ethical standards into practice across all its institutions and agencies, and prevent further cases of revolving doors from undermining citizens’ trust in our institutions?

Tabled: 2.10.2019

Forwarded: 4.10.2019

Deadline for reply: 11.10.2019

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