Financial Stability Board: under the spotlight
Friday 17 June 2011 - by Will Henley
In a matter of weeks the Financial Stability Board will unleash highly anticipated proposals on global systemically important financial institutions.
However, as the shoo-in to replace Jean-Claude Trichet at the European Central Bank in November, it is highly possible that he may decide to leave his part-time role at the FSB even before then.
"It is somewhat ironic," says Lawrence Goodman, president of the New York-based Center for Financial Stability, "that a lot of the attention at present is on succession at the IMF.
"The FSB also plays such a critical role in ensuring that the world financial system's infrastructure is robust and well coordinated."
On Tuesday, at his first hearing before European parliamentarians, Draghi repeatedly referred to his work on the board in the past tense. It could have been a quirk in translation, or a Freudian slip.
But to date Draghi has given no indication that he intends to relinquish his post in the autumn if, as expected, he is approved by European parliamentarians and eurozone members on 23 and 24 June.
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