SNP MEP Mr Alyn Smith has been confirmed as the sole Scots voice on an influential committee of inquiry established by the European Parliament to look into the causes of the global financial crisis and recommend cures to ensure it does not repeat.
The committee will provisionally exist for a year, and has a remit to explore the reasons behind the financial crisis, and recommend what measures should be implemented, and where, to remedy any regulatory failings it finds. This is of massive interest to the financial and business community in Scotland, as well as the people themselves given the taxpayer bailed out the failing banks. The Committee will run for a year, and the first phase of the inquiry will be to organise public hearings hauling leading financiers and Ministers before the Committee to give evidence, where after the Committee will move into a drafting phase, coming up with what ideas for what reformed regulation is found to be necessary. The Committee will have four full members from the UK as a whole, Smith, a Labour MEP from North East England and two newly elected English Conservatives.
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