The President-elect of the 28-nation bloc's executive arm, Jean-Claude Juncker, said former French Finance Minister Pierre Moscovici will be the new Economics Commissioner, whose responsibility includes policing member states' budgets.
In a significant win for Britain, former House of Lords leader Jonathan Hill will be in charge of regulating the EU's financial services, which is one of the country's key industries.
Juncker today said that his team, which will take office in November, will work to kick-start growth, reduce bureaucracy and restore people's faith in the EU.
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