Bank of England Governor, Mervyn King, has emerged as the leading candidate to become deputy of a Europe-wide board tracking the stability of financial institutions and co-ordinating risk supervision by national bank regulators.

Who’s who in regulation

Even before plans for pan-European regulation, major changes were planned for oversight of the financial sector in Europe and the US

Mr King would join as the number two to the European Central Bank governor Jean-Claude Trichet, who will chair the new body.