The European Commission has promoted Olivier Guersent to lead its efforts on financial market reform, as part of a widespread reshuffle of its senior management that comes into effect in September.

As director general for financial stability, services and capital markets union, Guersent, formerly deputy director general of the department, will have responsibility for overseeing the Commission's work on reforms such as the review of the Markets in Financial Instruments Directive, as well as CMU.