European Central Bank President Jean-Claude Trichet and Bank of England Governor Mervyn King likely would become the chairman and deputy chairman, respectively, of a pan-European board charged with oversight of the stability of financial institutions and coordination of risk supervision. King's role on the board likely would ease concerns in Britain that an overhaul of Europe's financial regulatory system would undermine the City. "There is an appreciation [in Brussels] of the fact that Britain is a large financial center, and its consideration might be above that of some other countries," a source said.

Related Summaries