Who is the most powerful individual in the financial markets? The chairman of the Federal Reserve could make a fair claim. So could the governors of the banks of Japan and England. The chief executive of Goldman Sachs can make a lot of waves if he chooses to, and so can Warren Buffett, or the Saudi oil minister. But measured by what they can actually do, the most powerful person will soon be the president of the European Central Bank, the Italian banker Mario Draghi. In the last few weeks, we have seen an extraordinary expansion of the European Central Bank’s powers. It can now set interest rates, control financial ... (full story)