Central bank Governors meeting at the Bank for International Settlements (BIS), a hub for central banks and other financial regulatory and supervisory authorities, made a number of appointments to lead key central bank groups.

Jerome Powell, chair of the Board of Governors of the Federal Reserve System, has been named chair of the Global Economy Meeting (GEM) and the Economic Consultative Committee, after consultations with members of the GEM.

The GEM and the ECC are among the principal meetings held at the BIS every two months and the appointment takes effect on 1 February 2020 for a three year-term. Powell succeeds Mark Carney, governor of the Bank of England, who has chaired the two groups since December 2017.

“We thank Mark Carney for his excellent chairing of these two committees and more generally for his contributions in various capacities to the BIS and the international central banking and regulatory community since 2008,” says BIS Board chair Jens Weidmann. “We look forward to working with Jerome Powell and benefiting from his broad experiences.”

The BIS Board also appointed John Williams, president and CEO of the Federal Reserve Bank of New York, as chair of the BIS Consultative Council for the Americas, an advisory committee to the Board. His two-year term starts on 9 January 2020 and he replaces Julio Velarde, governor of the Central Reserve Bank of Peru, who has chaired the council since January 2018.

Meanwhile, central bank governors of the GEM appointed Sir Jon Cunliffe, deputy governor of the Bank of England, as chair of the Committee on Payments and Market Infrastructures (CPMI), the global standard setter for payment, clearing and settlement services. His three-year term starts on 1 January 2020 and he succeeds Benoît Cœuré, a member of the executive board of the European Central Bank, who has been CPMI chair since September 2013 and who has been named as head of the BIS’ Innovation Hub.

Separately, the group of governors and heads of supervision (GHOS), the governing body of the Basel Committee on Banking Supervision, has selected François Villeroy de Galhau, governor of the Bank of France, as its new chair after consultations among its members. His three-year term starts immediately and he succeeds Mario Draghi, president of the European Central Bank until 31 October 2019, who had chaired the GHOS since July 2013. Draghi’s successor as ECB president, Christine Lagarde, was elected as a member of the board.

Colin Lambert

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