It was a pretty fast rise: After only two years working at BaFin, the German financial markets watchdog, Felix Hufeld this week takes over its top job.
He succeeds Elke König, who left the agency to head up the E.U.’s new Single Resolution Board, set up in the wake of the 2008 financial crisis to supervise and, if needs be, winding down failing E.U. banks to prevent costly bailouts.
This new body and other European institutions has changed the role of financial supervision in Germany. BaFin now has to fight hard to remain relevant.
“Effective supervision in an international context” is Mr. Hufeld’s goal. Increased cooperation with international supervisors such as the European Central Bank will be unavoidable in the future.