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Vienna, 14.06.2018 BMF: Department Head Waiglein appointed to key functions at EU level Harald Waiglein, in addition to being Chairman of the EFSF Board of Directors, is now also taking on the chairmanship of the FSC and the ESM Risk Committee

Vienna (OTS) - Harald Waiglein, Head of the Department for Economic Policy, Financial Markets and Customs in the Finance Ministry, has now also been appointed Chairman of the EU Financial Services Committee (FSC) and the ESM Risk Committee.

The Financial Services Committee is a committee of the Council of the European Union which meets once a month and is made up of high-ranking representatives of the Member States, the European Commission, the European Central Bank and also the EU regulatory committees (European Banking Authority (EBA), the European Securities and Markets Authority (ESMA), and the European Insurance and Occupational Pensions Authority (EIOPA)).

In particular, the FSC cooperates closely with the Economic and Financial Committee (EFC) on preparing for meetings of ECOFIN (the Economic and Financial Affairs Council). Waiglein will work with the committee on cross-sector aspects of strategy and on the determination of medium and long-term strategies in regard to financial services matters, and will be concerned with various internal and external issues affecting the European financial services sector.

In addition, Waiglein is taking over as Chairman of the Risk Committee of the European Stability Mechanism (ESM). The Risk Committee supports the ESM Board of Directors in the monitoring and implementation of risk policy, and thus plays a central role in the early identification of risks, both in the financial markets and in the ESM programme countries.

The ESM was set up in 2012 as a stability mechanism for the countries of the Eurozone (the "Euro countries"). Its purpose is to mobilise financial resources and to provide ESM members which are experiencing or under threat of serious financing problems with financial assistance, subject to certain conditions, thus providing them with some breathing space to carry out necessary reforms.

Waiglein has been Head of the Department for Economic Policy, Financial Markets and Customs in the Finance Ministry since 2012, and will continue to hold this position. With the assumption of these new tasks, Austria now holds two further key functions of European economic policy shortly before the start of the EU Presidency.