BERLIN - The spotlight in the European debt crisis has now shifted decisively toward the influential leader of the European Central Bank, Mario Draghi, who emerged from the recent summit meeting in Brussels with new powers and stronger backing to address the Continent's financial woes.

Political leaders took significant strides toward making the central bank more like the United States Federal Reserve, giving it authority to oversee the euro zone's largest banks and, once that new regulator is in place as soon as the end of this year, a likely role in rescuing Spanish banks with capital directly from the European rescue funds.

Many of the longer-run plans under discussion, like European deposit insurance, would mean shifting further responsibilities toward the bank, arguably giving Mr. Draghi the most influential executive powers in Europe.

"In terms of unelected people, he is by far the most powerful in the democratic world," said Franklin Allen, a professor of finance and economics at the University of Pennsylvania's Wharton School. "He's going to have huge influence over bank supervision and over the purchase of sovereign debt, whether he's the head of the committees in charge or not."

David Fuller's view I agree with Professor Allen's comments above. None of us know how this Eurozone crisis will play out over the next few years, not least because the continued participation of member states - or their possible withdrawl - will be decided by Realpolitik issues.

Meanwhile, in the realm of "Cometh the hour, cometh the man", Europe is fortunate to have skillful Mario Draghi in this influential position.