Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Hard-left politician to head French parliament's powerful finance committee

Published 30/06/2022, 11:08
Updated 30/06/2022, 12:15
© Reuters. FILE PHOTO - French member of parliament of the leftist La France Insoumise (LFI)  Eric Coquerel speaks during a session of questions to the Government at the French National Assembly in Paris, France May 26, 2020, as France eases lockdown measures taken

PARIS (Reuters) -Hard-left MP Eric Coquerel was elected chair of the French parliament's powerful finance committee on Thursday, a day after the far-right obtained two assembly vice-presidencies - signs of the growing power of radical parties in the new parliament.

President Emmanuel Macron's centrist party lost control of parliament in elections this month, which complicates planned reforms as he will need to share some of the power - and policy oversight - with other parties.

Coquerel, 63, is a veteran politician and one of the most senior members of firebrand Jean-Luc Melenchon's La France Insoumise (France Unbowed) party.

The finance committee he will now chair has extensive powers, and this was the most-watched vote as the new, very fragmented lower house of parliament sets to work.

The committee has a key role in the adoption of the French budget in parliament and in overseeing how the state spends public money, with the possibility of doing impromptu checks in ministries.

Its president can also get access to the confidential tax declarations of companies or individuals but can't publish them.

The committee's powers go beyond the budget bill, as it can strike down draft amendments on any legislation if it considers that it will unnecessarily weigh on public finances, giving its president a key role on a wide range of policies.

Ahead of his election, after two rounds of votes where no one secured an outright majority, opponents to the right and far-right accused La France Insoumise and Coquerel of not being fit for the job - comments that highlight the tensions in the assembly.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

"I can't imagine using the presidency of the finance committee to organize a tax witch hunt!" Coquerel tweeted ahead of his election, brushing off the accusations.

"We are not going to use it to target political opponents," he told Sud Radio, while adding that he will use it to track down tax evasion by big companies.

Macron's Ensemble alliance, which is the biggest party in parliament even if it lacks an absolute majority, won the leadership of other key committees, but the finance one traditionally goes to an opposition party.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.