En­ria new head of ECB watch­dog

India Business Journal - - GLOBAL WRAP-UP -

Ital­ian An­drea En­ria was picked last month to head the Eu­ro­pean Cen­tral Bank's su­per­vi­sory arm, over­see­ing a bloated, 21-tril­lion-euro bank­ing sec­tor still trou­bled by a legacy of bad debt from the euro­zone's fi­nan­cial cri­sis. De­feat­ing Ire­land's Sharon Don­nery in a hot­ly­con­tested run-off, Mr En­ria will now head the Sin­gle Su­per­vi­sory Mech­a­nism, cov­er­ing the euro­zone's 118 top lenders, with many still reel­ing from the last re­ces­sion and fac­ing new chal­lenges from hack­ing to fin­tech. Mr En­ria, who has chaired the Lon­don-based Eu­ro­pean Bank­ing Au­thor­ity since 2011, has played a ma­jor role in shap­ing EU's new fi­nan­cial rule­book.

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