Bank of Canada governor Mark Carney has been appointed as chairman of a committee of central bankers that examines market and systemic issues.

Carney was appointed chair of the Committee on the Global Financial System at a meeting of central bank governors in Basel this weekend.

The CGFS is a forum for monitoring and examining issues relating to financial markets and systems, with a view to elaborating policy recommendations to support central banks in carrying out their mandates.

Carney succeeds Donald Kohn, who has been CGFS chairman since July 2006 and is retiring as vice chairman of the Board of Governors of the Federal Reserve System.

Carney’s appointment is for three years starting on July 1.

IE