Key financial players led by new ECB boss

THE NEW president of the European Central Bank, Mario Draghi, leads a trio of regulators that rank amongst the most important figures in European financial markets, according to a new list published today.

The ranking of the 100 most influential people in European financial markets, published today by Financial News, comes as rulemakers tighten up banking regulations.

Draghi takes the top spot on the ranking, the first time a regulator has taken the accolade, as the role of the ECB grows in importance in settling the fallout from the Eurozone financial crisis.

As the new president of the institution from October, he will govern the recovery of Europe’s struggling members and shape the fate of bailed-out nations Greece, Ireland and Portugal.

He will also be a key player if there is any fresh requirement for a Greek bailout or default, as the financially-stretched nation attempts to grapple with its debt mountain.

Draghi is already chairman of the European Systemic Risk Board, a role which further expands his importance.

UK government reforms to hand power back to the Bank of England have strengthened the position of governor Mervyn King, who is placed at number eight in the rankings.

King, whose regulatory remit is to expand, will ultimately be the man in charge of City governance, as the Bank absorbs the powers of the Financial Services Authority.

Stefan Ingves, the new chairman of the Basel Committee on Banking Supervision, also features amongst the top ten most influential people in European financial markets.

Appointed to take the role last month, Ingves will settle the level of Tier 1 capital banks must hold under tough new Basel III rules.

Andrea Enria, the chairman of the European Banking Authority, and Michel Barnier, the European commissioner for internal markets and services, also feature on the list of prominent regulators to make the top 100.

Chief executive of Deutsche Bank Josef Ackermann is the highest placed banker, taking the second spot on the list.

Michael Sherwood, the co-chief of Goldman Sachs, is placed third.