By Paul O’Donoghue Senior Correspondent
Maria Luís Albuquerque, a former Portuguese finance minister, has been selected as the European Commission’s new financial services commissioner.
Ms Alburquerque was predicted by AML Intelligence as being amongst the top two choices by Commission President Ursula von der Leyen to take the role.
The economic portfolio is widely viewed as one of the more influential posts in the EU. Albuquerque will succeed Mairead McGuinness, who has served as the financial services commissioner since September 2020.
Her appointment comes despite Austrian finance minister Magnus Brunner being viewed as the preferred choice for the role. AML Intelligence reported that Albuquerque was viewed as the second favourite.
Brunner has instead been appointed as the commissioner for Internal Affairs and Migration, a major portfolio for Austria.
A full list of the portfolios assigned to the new EU Commissioners is available HERE.
Albuquerque’s appointment marks the end of a 10 year journey for the former economist, who was widely expected to be appointed to the European Commission in 2014.
The 56-year-old was Portugal’s finance minister between 2013 and 2015.
Her tenure coincided with one of the most economically difficult periods in Portugal’s history as it struggled during the euro zone debt crisis.
She is viewed as having helped steer through reforms that reassured the country’s creditors and helped its economy start to recover.
An economist by training with years of experience in her country’s treasury, Albuquerque has also worked as a lecturer and political advisor.
Following the 2014 European elections, Albuquerque was believed to be a strong candidate for Portugal’s commissioner.
However, she lost out to party colleague Carlos Moedas.
She left political office in 2015 following her party’s general election defeat and became a non-executive director at UK capital management firm Arrow Global.
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