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Bank Charges: Mervyn King named vice-chair of EU risk board

Bank of England Governor Mervyn King has been named as the first vice chairman of the European Systemic Risk Board (ESRB).

Mr King was elected to the post by the General Council of the Frankfurt-based European Central Bank (ECB) today (16th December), with ECB President Jean-Claude Trichet announced as the board's chairman.

The ESRB will monitor markets across Europe and advise countries how to act before economies become destabilised.

"The work of the ESRB will be important in ensuring the resilience of the European financial system and meeting the challenges that lie ahead," Mr King said.

The board will have no binding powers but could help regulate markets which have fallen victim to the recent financial crisis.

A total of three new EU supervisory authorities, based in Paris, London and Frankfurt, will be launched in January and will have the power to impose emergency bans on certain transactions.

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800297036-ADNFCR

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