Financial Stability Board to name next chair at G20 summit

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The successor of Financial Stability Board chairman Mario Draghi will be named during November's G20 summit in France, the secretary-general of the international regulatory coordinating body said Monday.

"There are several candidates and consultations are underway," Svein Andresen said, without giving the names of the candidates.

Draghi, the governor of the Bank of Italy, will relinquish the FSB's chairmanship when he takes up the top job at the European Central Bank in November.

Analysts believe that Swiss central banker Philipp Hildebrand is a likely successor.

The FSB was set up to coordinate the work of national authorities and regulators to cope with the fallout from the 2008 global financial crisis.

© 2011 AFP

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