Larry Summers in March 2013
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'Chorus of concerns' about Larry Summers' candidacy

16 September 2013 Last updated at 15:53 BST

Former US Treasury Secretary Larry Summers has withdrawn from the race to be the new head of the US central bank.

Speaking to BBC World, former Federal Reserve governor Prof Randall Kroszner explained the Fed's global influence and said there had been a "growing chorus of concerns raised about Larry" although, he added, many were not well-founded.

Vice-chairman Janet Yellen is now among the front-runners for the job and Prof Kroszner described her as "battle-tested".