The European Parliament has finally voted, on 8 October, for the creation of a 45-member special committee on the financial crisis, to be headed up by MEP Wolf Klinz.

Klinz (ALDE, Germany) also sits on the Economic and Monetary Affairs Committee (ECON) in the EP and so will get a say on the seminal legislation passing through the institutions - including on supervision, hedge funds and capital requirements.

It is unlikely the committee will elect any vice-presidents, as its remit is more advisory than the standing parliamentary groupings.

Its members will issue recommendations on the crisis in two reports – one to be released halfway through its 12-month mandate, and the other at the end.

It will also give opinions on relevant legislation being debated in the standing committees. Members will formally elect Klinz at a first meeting on 15 October.

He will be joined in committee by several of his ECON colleagues, including committee chair Sharon Bowles (ALDE, UK).

The line-up also includes former ECON chair Pervenche Berès (Socialists). Rapporteur on the Directive on alternative investment fund managers, Jean-Paul Gauzès, will join her, as will staunch Conservatives such as Kay Swinburne (ECR, UK), a notorious opponent of over-regulation.

The EP’s President Jerzy Buzek said at the committee’s formation, “We should learn the lessons from this economic and financial crisis so as to ensure that it is not repeated. MEPs must assess the effectiveness of measures taken by the EU and member states to alleviate the financial crisis. This new European Parliament committee will serve as an important forum for this.”

Get the full list of members on www.europolitics.info > Search > 258098