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55-661: Prior to joining the European Commission, she served in the Danish governments of Poul Nyrup Rasmussen as Minister for Ecclesiastical Affairs from 1998 to 2000 and Minister of Education from 1998 to 2001. She was leader of the Social Liberals from 2007 to 2014, and served as Minister of Economic Affairs and the Interior under Helle Thorning-Schmidt from 2011 to 2014. Following the 2014 European Parliament election , Vestager

110-611: A European Banking Union . Between 2011 and 2014, Vestager led Denmark's campaign against Basel III liquidity rules, arguing in favor of allowing banks to use 75 percent more in covered bonds to fill liquidity buffers than allowed under Basel III rules; at the time Denmark's $ 550 billion mortgage-backed covered bond market, part of the country's two-century-old mortgage system, was the world's largest per capita. In 2013 she ruled out slowing down steps toward stricter requirements for systemically important lenders and reiterated her stance that banks won't get tax breaks to help them through

165-651: A 2024 European Court of Justice victory that upheld landmark tax rulings against Apple and Google , decisions widely viewed as sealing her legacy as a steadfast regulator and vindicating her potent EU trustbuster campaign. In her capacity as Commissioner for Competition, Vestager has gained international recognition for investigating, fining, or bringing lawsuits against major multinational companies including Google , Apple Inc. , Amazon , Facebook , Qualcomm , Siemens , Alstom , and Gazprom . She has been described as "the rich world's most powerful trustbuster" and "the world's most famous regulator". Vestager has been

220-723: A Time of Greed ), which contains harsh criticism of the role hedge and venture capital funds play in the global economy. Rasmussen was born to a working-class family on 15 June 1943 in Esbjerg , Denmark, to Oluf and Vera Eline Nyrup Rasmussen. He studied at the University of Copenhagen , earning a M.sc. degree in Economics in 1971. While studying, he was active in the social democratic student union Frit Forum , where he met some of his future political colleagues. He paid his way through university by doing several jobs, like counting traffic and being

275-759: A degree in Economics . Vestager has been a professional politician since the age of 21, when she was appointed to the central board and executive committee of the SLP and its European Affairs Committee, and shortly afterwards as National Chairwoman of the Party. In 2001, Vestager was elected to the Danish Parliament, becoming Chairwoman of its Parliamentary Group in 2007. She was appointed Minister of Education and Ecclesiastical Affairs in 1998. On 15 June 2007 Vestager secured election as her Party's parliamentary group leader in

330-867: A fine of $ 2.7 billion against Alphabet (formerly Google) was levied based on the European Commission claim that Google breached antitrust rules. This fine was later appealed. In October 2017, Vestager ordered Amazon to pay €250 million of back taxes, and in January 2018, the EU Commission fined Qualcomm €997 million for allegedly abusing its market dominance on LTE baseband chipsets . In July 2018, she fined Alphabet (Google) €4.3 billion for entrenching its dominance in internet search by illegally tying together their service and other mobile apps with Android. On 22 January 2019 she fined Mastercard €570 million for preventing European retailers from shopping around for better payment terms. In March 2019, Vestager ordered Google to pay

385-584: A fine €1.49 billion for abusive practices in online advertising. Vestager's actions against American companies as competition commissioner received criticism from US President Donald Trump (who also dubbed her as the EU's "Tax Lady"), stating " She hates the United States, perhaps worse than any person I’ve ever met. " In February 2019, Vestager blocked a merger between the two large European rail companies Siemens and Alstom due to serious competition concerns, despite

440-614: A lot about solidarity, now is the time it is really needed." In 2004 Rasmussen defeated Giuliano Amato to be elected President of the PES , succeeding Robin Cook in the post. He was re-elected for a further two-and-a-half years at the PES Congress in Porto on 8 December 2006. The position involved coordinating the political vision of the party, ensuring unity, chairing the party presidency and representing

495-575: A part-time delivery boy. He was first elected to the Folketing from Western Jutland in 1987, where he became Deputy Chairman of the Social Democrats, with Svend Auken as chairman. He had together with Mogens Lykketoft made proposals for Social Democratic reforms. From 1988 to 1992 he was chairman of the Committee on Business and Trade, as well as spokesperson of Business. After the 1990 election , he

550-435: A restructuring package; as a consequence, Cyprus suspended operations at its flag carrier resulting in 550 job losses and reduced competition. In August 2016, after a two–year investigation, Vestager announced Apple Inc. received illegal tax benefits from Ireland . The Commission ordered Apple to pay a fine of €13 billion, plus interest, in unpaid Irish taxes for 2004–2014 ; the largest tax fine in history. In July 2020,

605-863: A settlement deal with Google by 2014 but was unable to convince the European Commission to accept it before his term ended. Vestager inherited Almunia's case but has shown greater desire to continue pursuing Google/Alphabet over the alleged antitrust violations. Also, she initiated investigations into the tax affairs of Fiat , Starbucks , Amazon.com and Apple Inc. under competition rules. In 2014, she launched proceedings against Gazprom , one of Europe's main gas suppliers, over allegations of breaching EU antitrust rules by putting in place artificial barriers to trade with eight European countries: Estonia , Latvia , Lithuania , Poland , Czech Republic , Slovakia , Hungary and Bulgaria . In January 2015, Vestager ordered Cyprus Airways to pay back over 65 million euros in illegal state aid received in 2012 and 2013 as part of

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660-585: Is a former Danish politician. He was Prime Minister of Denmark from 25 January 1993 to 27 November 2001 and President of the Party of European Socialists (PES) from 2004 to 2011. He was the leader of the governing Social Democrats from 1992 to 2002 and was also a member of the European Parliament from 2004 to 2009. Rasmussen is a member of the Club of Madrid . In 2007 he published the book I grådighedens tid ( In

715-547: Is also a knitter and a self-declared feminist. In 2021 she told Femina magazine that we were moving towards gender equality in the workplace “at a completely unacceptably slow speed”. Vestager speaks Danish , English and some French . [REDACTED] Media related to Margrethe Vestager at Wikimedia Commons Poul Nyrup Rasmussen Poul Oluf Nyrup Rasmussen ( Danish pronunciation: [ˈpʰʌwl ˈnyˀɔp ˈʁɑsmusn̩] , informally Poul Nyrup , born 15 June 1943)

770-415: Is not related to his two immediate successors from Venstre (i.e. the main Danish centre-right , liberal party) as Prime Minister, namely Anders Fogh Rasmussen or Lars Løkke Rasmussen . His daughter committed suicide in 1993. Thorning-Schmidt I Cabinet The cabinet of Prime Minister Helle Thorning-Schmidt was the cabinet government of Denmark from 3 October 2011 to 3 February 2014. It

825-399: Is regularly involved in meetings regarding the financial and monetary system. Rasmussen was married to Lone Dybkjær , a member of the Folketing (and a former MEP) for the centrist Det Radikale Venstre from 1994 until her death in 2020. He enjoyed holidaying with his wife in their second house as well as swimming, walking, and reflecting with friends. He also likes listening to music. He

880-497: The 1924 Folketing election . On election night Rasmussen vowed to stay on as party leader, famously declaring, "I will not run away with my tail between my legs." He announced an effort of "renewal" within the Social Democrats, urging the promotion of centrist party members to leadership positions. Influential factions opposed Rasmussen's efforts, calling his leadership into question, and in late 2002 he announced that he would be stepping down as chairman. Rasmussen became an MEP for

935-674: The European Court of Justice confirmed the previous judgement against the Commission. Former Governor of the Bank of Italy Ignazio Visco declared that the intervention of FITD could have avoided more serious consequences. Vestager's husband is a gymnasium maths-and-philosophy teacher. They have three daughters, Maria, Rebecca, and Ella. Vestager served as an inspiration for the main character in Borgen , who tries to juggle family life and politics. She

990-430: The European Parliament 's backing following her confirmation hearing. In her confirmation hearings, Vestager said she favored settlement of cases before they come to a final executive judgment, for reduced fines or negotiated concessions from the companies. Within a few months in the office, she brought antitrust charges against Google ; Almunia had initially opened the investigation into Google in 2010, and had reached

1045-402: The Folketing about the so-called Tamil Case . A coalition of Social Democrats , Social Liberals , Centre Democrats and Christian Democrats , Rasmussen's first cabinet made use of limited classical Keynesianism in connection with the so-called kick-start of 1993–94 as its economic policy. The Christian Democrats left the coalition after their defeat in the 1994 Folketing election , as did

1100-544: The Folketing , replacing Marianne Jelved . When Denmark's Prime Minister Lars Løkke Rasmussen called an early election in 2011 after failing to secure majority lawmaker backing for his economic stimulus package, Vestager's Social Liberals and the Conservative People's Party formed a political alliance, pledging to work together no matter which political bloc would win the election. From 2011 until 2014 Vestager served as Minister for Economic and Interior Affairs in

1155-555: The Liberal Alliance and Danish People's Party . Prime Minister Lars Løkke Rasmussen then tendered the cabinet's resignation to Queen Margrethe II on 16 September, following which she met with the leaders of all parties. She then tasked Social Democrat Helle Thorning-Schmidt with negotiating the formation of a new government. Rasmussen's cabinet remained in office as a caretaker government until 3 October, when Thorning-Schmidt's cabinet

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1210-706: The Party of European Socialists after winning a record number of 407,966 votes for an individual (from Denmark) in the European Parliamentary elections in 2004. He sat on both the Foreign Affairs Committee and the Economic and Monetary Affairs Committee. A key issue tackled by Rasmussen in the European Parliament was the lack of regulation for private equity and hedge funds. He worked to secure greater regulation in this area. starting long before

1265-666: The Trade and Technology Council since its creation in 2021. In July 2023, the appointment of the American Fiona Scott Morton to the post of chief economist in the Competition Directorate , with the support of Mrs Vestager, provoked an outcry in the European Parliament and in France, where leaders reacted negatively in the name of defending European interests. At a hearing at the European Parliament on 18 July, Vestager

1320-401: The parliamentary election on 15 September 2011, the governing Liberal Party remained the single largest party with the addition of one seat while the Social Democrats lost a seat. However, a three-party coalition of opposition parties together with the supporting Red-Green Alliance won a larger share of seats than the incumbent Liberal - Conservative government and their supporting parties

1375-483: The Centre Democrats in late 1996. Key ministers were Economy and Deputy Prime Minister , Social Liberal leader Marianne Jelved , Finance Minister Mogens Lykketoft (Social Democrats) and Foreign Minister Niels Helveg Petersen (Social Liberals). The centre-left coalition only narrowly held on to its parliamentary majority in the 1998 Folketing election . After the election Prime Minister Rasmussen stated that

1430-562: The Commission with Vestager having responsibility for a "Europe fit for the Digital Age". In her role as Vice-President of the European Commission, Vestager had public and private disagreements with Commissioner Thierry Breton , the Frenchman in charge of a major overhaul of the digital rules in the European Union. As Vice-President of the European Commission, Vestager has been a co-chair of

1485-520: The Commission's three Executive Vice Presidents, with responsibility for "A Europe Fit for the Digital Age". In 2023, European media called Vestager a waning star. Mistakes of judgement overshadowed her second mandate with the European Commission , such as the unsuccessful appointment of a US economics professor as Chief Economist for competition. Despite these setbacks, her aggressive antitrust enforcement against Big Tech culminated in

1540-714: The European General Court struck down the decision as illegal, ruling in favor of Apple. As a result of the EU investigation, Apple agreed to re-structure out of its 2004–2014 Irish BEPS tool, the Double Irish in Q1 2015; Apple's replacement Irish BEPS tool, the CAIA arrangement caused Irish 2015 GDP to rise by 34.4 per cent, and was labelled Leprechaun economics by Nobel Prize-winning economist, Paul Krugman in July 2016. In July 2017,

1595-402: The European Union in 2002. The patriarchal role Rasmussen had built for himself since the 11 September attacks had gained him and the Social Liberals their highest poll ratings in years, a lead that would be eroded in the buildup to the election . He was up against Liberal leader Anders Fogh Rasmussen . The campaign focused mainly on immigration and refugees, which worked to the benefit of

1650-506: The French president Emmanuel Macron and stood in the way of Vestager’s bid for the presidency of the European Commission. In June 2019, Prime Minister Mette Frederiksen proposed that Vestager continue as Denmark's Commissioner for another five years. While, initially thought to become First Vice-President , Ursula von der Leyen has since proposed that Vestager, Frans Timmermans and Valdis Dombrovskis all serve as Executive Vice-Presidents of

1705-418: The aim of creating a more robust economy to deal with the economic downturn. There was little debate about the European Union as the two leaders' opinions on that subject were largely the same. The loss of power in the 2001 election to Anders Fogh Rasmussen's Venstre meant that the Social Democrats lost their position as the largest party in the Folketing , a position they had held without interruption since

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1760-587: The anti-immigration Danish People's Party . Two in every three Danes now supported tighter immigration restrictions, compared to only one in two before 11 September. In the last few days of the campaign a number of predominantly left-leaning artists and intellectuals urged the Danish electorate not to vote for a rightwing government, warning that the Danish People's Party would then be likely to wield great influence on government policy. Other campaign focuses were on welfare and health care. Poul Nyrup Rasmussen stated

1815-521: The choice of Scott Morton and his surprise that no qualified candidates could be found in Europe. He also noted with consternation Scott Morton's consulting work for the GAFAM . Scott Morton withdrew her candidacy the following day on 19 July 2023, to the regret to some academics that expressed support for Scott Morton. The failed nomination was labelled Fiona Scott Morton affair by commentators. It called into question

1870-475: The commission's response to the economic crisis; in March 2009 he wrote: "A new, updated Recovery Plan is needed now, otherwise there will be 25 million unemployed in 2010. There must be real coordination focused on real investments. Europe also needs to do more for the countries of Central and Eastern Europe. It is in our common economic and political interest to prevent financial meltdown in those countries. Europe talks

1925-589: The core of Europe. You don’t have influence or produce results if you’re standing on the sideline.” On 31 August 2014, Prime Minister Thorning-Schmidt nominated Vestager as Denmark's EU Commissioner in the Juncker Commission . Despite her repeated denials of campaigning for the Environment portfolio , eventually she was designated the Competition dossier in the Juncker Commission . On 3 October 2014, she won

1980-575: The end of the current Commission mandate. In 2015, as the European Commissioner for Competition , Margrethe Vestager opposed the intervention of the Italian FITD (Inter-Bank Deposit Protection Fund) to support the capital increase of Banca Tercas , which had been approved by the Bank of Italy , defining it as an anti-competition state aid . This decision impeded similar interventions in favor of

2035-503: The fact that both the German and French governments had supported the merger. Following the 2019 European Parliament election , Vestager was proposed as President of the European Commission . Vestager’s campaign for the presidency of the European Commission encountered resistance in France, following her decision to veto the merger between Alstom and Siemens. The prohibition of the merger between two large European industrial companies angered

2090-599: The government's first order of business was to secure a "yes" vote in the upcoming referendum on ratification of the Amsterdam Treaty between the member states of the European Union . Eventually there were 55% "yes" votes in the Danish Amsterdam Treaty referendum . Rasmussen's government later presided over the 2000 referendum on Danish participation in the euro , in which participation was rejected by 53.2% of

2145-445: The government's minority status and its dependency on the support of the opposition, Venstre , the government had to jettison many of the policies that it had given during the election campaign. Although critics have accused the government of breaking its promises, other studies argue that it has already accomplished half of its stated goals, blaming instead poor public relations strategies for its increasingly negative public image. At

2200-594: The meetings of economic and finance ministers of the European Union (ECOFIN) during Denmark's presidency of the Council of Ministers in 2012. In this capacity, she announced that the European Union would cede two of its seats on the board of the International Monetary Fund to emerging economies under a new power-sharing scheme for international financial institutions. She also worked closely with Jean-Claude Juncker to salvage Europe's financial sector and forge

2255-516: The onset of the financial crisis . His report, proposing binding rules for all players as well as greater transparency and accountability, was passed by the European Parliament in September 2008. Rasmussen has since criticised the European Commission , and in particular Commission President José Manuel Durão Barroso and Commissioner Charlie McCreevy for failing to respond to the report with sufficient speed or dedication. Rasmussen has also slammed

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2310-494: The party on a regular basis. As PES president he was also President of the Global Progressive Forum and sat on the committee of Transatlantic Dialogue, which fosters cooperation between progressives from the United States and Europe. Rasmussen played a central role in making the party more inclusive and oversaw the launch of the network 'PES Activists', as well as a radically participative consultation process to construct

2365-499: The party's manifesto for the 2009 European election . Rasmussen's influence in politicising the PES can be seen in the party's headline political initiative, New Social Europe. Based on a report written by Rasmussen and former President of the European Commission Jacques Delors , this aimed at creating a "fairer, more inclusive, and more dynamic society". Currently, he is on the advisory board of OMFIF where he

2420-489: The recovery of other banks, such as Cassa di Risparmio di Ferrara , Banca delle Marche , Banca Etruria , CariChieti and Carige . In 2019, following an appeal from Italy , FITD and Banca Popolare di Bari , the European General Court annulled the decision of Vestager, which was also based on the unproven assumption that FITD was using state-controlled resources. After an appeal from the European Commission ,

2475-527: The support by some of the European countries of the candidacy of Vestager to the presidency of the European Investment Bank , announced earlier that year. In September 2023, Vestager was released from her duties as Competition Commissioner by European Commission President Ursula von der Leyen and was replaced by Didier Reynders as Competition Commissioner in the interim. In December 2023, Nadia Calviño

2530-479: The target of criticism by American corporations and US President Donald Trump for her efforts throughout her tenure as European Commissioner for Competition. Vestager was born in Glostrup , Zealand , a daughter of Lutheran ministers Hans Vestager and Bodil Tybjerg. She grew up in Ølgod , and matriculated from Varde Upper Secondary school in 1986. She studied at the University of Copenhagen , graduating in 1993 with

2585-423: The three-party Social Democrat-led coalition government of Helle Thorning-Schmidt . Having forced through deep cuts in unemployment benefits of Denmark's generous social welfare system after the country's economy narrowly escaped recession in 2012, she was at one point considered by Danish media and pollsters as the most powerful person in government, even above Thorning-Schmidt. In her time in office, chaired

2640-508: The transition caused by regulatory reform. In May 2014, Vestager presented a growth package designed to drag Denmark's economy – at the time Scandinavia's weakest – out of its crisis, raising the country's structural output by 6 billion kroner ($ 1.1 billion) and cut costs for companies by 4 billion kroner in 2020 through 89 measures to improve the business climate and boost employment. In 2013, Vestager held that “[in] our experience it’s impossible to pursue Danish interests without being close to

2695-510: The vote. A 1998 initiative, dubbed the Whitsun Packet (Danish: Pinsepakken ) from the season it was issued, increased taxes, limiting private consumption. It was not universally popular with the electorate, which may have been a factor in the Social Democrats' defeat in the 2001 parliamentary election . Rasmussen called an early election in 2001, saying this would give the next prime minister time to prepare for Denmark's upcoming presidency of

2750-685: Was a coalition between the Social Democrats , the Danish Social Liberal Party and the Socialist People's Party . On 9 August 2013, Helle Thorning-Schmidt made a cabinet reshuffle and on 12 December 2013, she made a second cabinet reshuffle . The cabinet resigned on 3 February 2014, following the Socialist People's Party left the government on 30 January 2014. It was succeeded by the Cabinet of Helle Thorning-Schmidt II Because of

2805-609: Was announced as the new president of the EIB. Vincent van Peteghem, Minister of Finance of Belgium and Chair of EIB’s Board of Governors, told reporters that EU finance ministers agreed that “Nadia Calviño will be a strong next president of the EIB, the biggest investment bank in the world.". Vestager subsequently resumed her duties as Competition Commissioner. Following the resignation of Thierry Breton in September 2024, Vestager assumed his portfolio as Commissioner for Internal Market , and other related responsibilities, until

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2860-562: Was nominated as Denmark's European Commissioner in the Juncker Commission , becoming Commissioner for Competition. In the 2019 European Parliament election , she was one of ALDE's seven lead candidates. After the election, Vestager was nominated as the Renew Europe group's candidate for President of the European Commission . After the election of Ursula von der Leyen as President, Vestager was re-nominated as Denmark's Commissioner. She retained her Competition portfolio while also becoming one of

2915-628: Was seen as a much more realistic candidate for Prime Minister than Auken. In 1992 Rasmussen replaced Auken, the long serving leader of the Social Democrats , after his failure to form a government with the Radikale Venstre after the 1990 election , despite good results for both parties. Many in the party felt that Auken had stuck to a too left wing agenda, scuttling a possible deal with the more centrist Radikale Venstre. Rasmussen came to power in early 1993 when then-Prime Minister Poul Schlüter resigned after an inquiry found that he had misinformed

2970-469: Was sworn in making her the first female Prime Minister . The Social Liberal Party and the Socialist People's Party also became part of the three-party government. It was the first time the Socialist People's Party joined a government since its foundation in 1959. On 30 January 2014 Annette Vilhelmsen , the leader of Socialist People's Party announced that the party would be leaving government,

3025-483: Was unable to give a full list of cases for which Scott Morton, which had previously worked as a consultant to several companies, including GAFAM companies such as Amazon and Apple , would have to recuse herself, as the list was still being drawn, illustrating the extensive conflicts of interests of Scott Morton. On the same day, the French President Emmanuel Macron expressed his concerns regarding

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