The current vice president of the European Central Bank (ECB) is one of the frontrunners to head up the continent's new financial regulator, it has been reported.
Sources close to the ECB have today (11 September) informed German newspaper Handelsblatt that Vitor Manuel Ribeiro Constancio is being discussed as a possible chief of the ECB's supervisory body.
As of the beginning of 2013, the central institution is scheduled to take over regulatory control over banks based in the eurozone, before this power is then extended to include financiers in the rest of the European Union 12 months later.
And Mr Constancio - a Portuguese official who has been in his current role since 2010 - may be approached to oversee this significant regulatory change.
The legislator would be required to dedicate his full attention to the supervision of companies as opposed to getting involved in the creation and implementation of monetary policy, the insiders added.
By Gary Cooper