BoE chief tipped for new European job

LONDON: The head of the Bank of England is the leading contender to become the deputy chief of a new European-wide board to track the stability of financial institutions, a report said Wednesday.Mervyn King would become number two at the new body to be chaired by European Central Bank president Jean-Claude Trichet, the Financial Times said."There is an appreciation (in Brussels) of the fact that Britain is a large financial centre and its consideration might be above that of some other countries," a source was quoted saying.The board, made up of governors of the 27 national central banks and representatives of the European Commission, will also coordinate risk supervision by national bank regulators.The European Commission will Wednesday unveil draft legislation on its proposed revamp on the European Union's system of financial supervision.All the positions on the new systemic risk board would not require any changes at the helm of central banks, according to the FT.