[2] Regling was reportedly considered as a possible head of the European Central Bank to succeed Jean Claude Trichet.

In 1991 Regling left the IMF once again and returned to the German Ministry of Finance, where he was named the Chief of the International Monetary Affairs Division.

In 1999, Regling entered the private sector as the Managing Director of the Moore Capital Strategy Group in London,[5][7] where his colleagues included David Lipton and Philipp Hildebrand.

[8] Regling was appointed Director-General of the European Commission's Economic and Financial Affairs Directorate General in 2001 and remained in post till June 2008.

From 2008 to March 2009 he was part of the Issing Commission, which was formed by Chancellor Angela Merkel to advise the government on financial regulatory reform.