EC President José Manuel Barroso will be holding a final round of meetings this morning alongside nominees for the next Commission. Most of the powerful economic portfolios may already be selected.

Economic affairs and Competition positions, regarded as the most influential jobs within the EC, may be allocated to Spaniard Joaquin Almunia and Olli Rehn of Finland. Both Almunia and Rehn are a part of Barroso’s team.

According to the Financial Times, the EC is expected to announce selected nominations today if Barroso decides not to change specific portfolios.

Among other important roles, the role of financial services regulation, which initially was the responsibility of the internal market portfolio, could be assigned to France’s Michel Barnier. Financial services and banking however could be split off into separate portfolios.

Gunther Oettinger of Germany is to receive the energy dossier, which recently has risen in prominence due to Russia’s gas cut-offs in 2006 and 2009. Oettinger has been known among his counterparts and other diplomats of having more authority over Moscow and its energy issues in comparison to the current commissioner Andris Piebalgs from Latvia.

Member states that are new to the EU are less certain of what selection they will get. Portfolios such as justice and home affairs, research, education and enlargement could be possible allocations.