Mervyn King, governor of the Bank of England, has been tapped as the first vice chairman of the European Systemic Risk Board, a newly created agency that will monitor potential bubbles across the EU. King's appointment is expected to allay concerns in Britain that its interests will go unheard by pan-European regulators. "The work of the ESRB will be important in ensuring the resilience of the European financial system and meeting the challenges that lie ahead," King said.

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