Oxford's own Member of the European Parliament to chair powerful economic committee

11.33.55am BST (GMT +0100) Thu 27th Aug 2009

Sharon Bowles, Lib Dem MEP for South East Region

Oxford-born Sharon Bowles, European Parliament Member for the South East, has secured one of the European Parliament's top jobs. She has been elected by fellow MEPs as Chair of the Economic and Monetary Affairs committee in the European Parliament. The committee is responsible for legislation on the financial markets of the European Union, the world's largest single market. It has been described as 'arguably the Parliament's most powerful body.'

The chair was previously held by a French Socialist.

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.

Ms Bowles said: "I will take very seriously my responsibility towards all EU citizens. 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. We have to recognise that with an ageing population the pressure for returns on investments to fund pensions will inexorably continue, or present major social and budgetary consequences. Therefore we must find a balance that does not destroy attractive investment possibilities for European people".

City councillor Alan Armitage said: "I have been impressed with the hard work and dedication Sharon has shown over the last four years she has been our MEP. Clearly, so have representatives from many other countries of the Union. It also demonstrates the calibre of so many Lib Dem candidates, and the fact that we are now the party that people are listening to when deciding how to tackle international financial issues."