The head of Spain’s central bank is being tapped to lead the group of global banking regulators, the Basel Committee on Banking Supervision.

Effective immediately, Pablo Hernández de Cos, governor of the Bank of Spain, has been named the new chairman of the Basel Committee. Hernández de Cos was appointed to a three-year term by the Group of Governors and Heads of Supervision (GHOS), which is the international body that oversees the Basel Committee.

Hernández de Cos replaces Stefan Ingves, governor of Sweden’s Sveriges Riksbank, who has chaired the Basel Committee since 2011.

Mario Draghi, chairman of the GHOS and president of the European Central Bank (ECB) noted that, over the past eight years, with Ingves at the helm, the Basel Committee has completed the post-crisis reforms, known as Basel III, “which have increased the resilience of the global banking system and enhanced its ability to support the real economy.”

“The GHOS looks forward to working with Pablo as the committee increasingly focuses its work on evaluating its post-crisis reforms, addressing emerging vulnerabilities in the global banking system and promoting strong supervision,” Draghi added.