A months-long stalemate over who should be the next boss of the EU’s powerful financial markets regulator is embarrassing diplomats and putting the authority’s functioning at risk.
But with Germany and Italy equally convinced their nominees should win, the problem won’t be solved soon.
The European Securities and Markets Authority has become increasingly powerful since its founding a decade ago, gaining direct oversight over some financial players and making its top job a prized posting. The candidates to lead the Paris-based authority are Italian regulator Carmine di Noia and German national Verena Ross, formerly the authority’s No. 2.
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