Sharon Bowles re-elected as ECON chair

Outspoken British MEP Sharon Bowles has been re-elected as chairwoman of the influential European Parliament Economic and Monetary Affairs Committee for another two and a half year term. The appointment came despite fears that she would suffer from a backlash - among her European peers - over British Prime Minister David Cameron's use of the United Kingdom's veto on a new supranational treaty, in December.

The committee, widely seen as the most powerful of EP forums, is responsible for legislation in key areas including economic governance and financial services. Views expressed by Bowles, in her capacity as chairwoman, are often seized upon by the markets as a financial health check of Europe. Last year, she was named the 20th most influential person in international financial regulation by news outlet Global Financial Strategy. Aside from coalition government ministers, Bowles is the most powerful Liberal Democrat politician in the UK. Although she is far from a household name, Bowles was recently included in the "100 to watch in 2012" list published by British newspaper The Times.

Following the vote, she said: "I am grateful to all colleagues for their support and am sure that we will continue to be an engine for ideas and policy-making as we face the sovereign crisis and the need for growth. On the committee's agenda this year are some big dossiers including the latest legislation on capital requirements, markets in financial instruments, market abuse and economic governance. The City of London is an important financial centre, with expertise drawn from all member states and an asset that the European Union needs to maximise. I take very seriously the responsibilities of chair and will be at the forefront of efforts to re-engage the UK and put it at the heart of Europe."

Bowles is a well-known proponent of Eurobonds and major intervention by the European Central Bank as a way of stemming the eurozone crisis. In a previous article for PublicServiceEurope.com, she criticised the lack of decisiveness shown by politicians failing to get to grips with the single currency woes - writing: "Too little, too uncertain, too late: that has been the response of EU leaders to the eurozone debt crisis. For me, the impossible is the failure of the euro – the costs on everyone are too huge. Unfortunately, short-sightedness and delay has neutered the measures taken at every stage."