Mark Carney, the former head of the Bank of Canada and current governor of the Bank of England, has been tapped to lead a couple of key committees for the the Bank for International Settlements, the BIS announced Monday.
Carney has been named chairman of the global economy meeting (GEM) and the economic consultative committee (ECC) by the BIS board. The appointments take effect on Dec. 1.
The GEM comprises the governors of 30 central banks in major advanced and emerging market economies. The group monitors risks and developments in the global economy and provides guidance to key central bank committees, the committee on the global financial system, the committee on payments and market infrastructures, and the markets committee.
The ECC is an 18-member sub-group that supports the work of the GEM.
In both roles, Carney will succeed Agustín Carstens, who is set to take over as general manager of the BIS on Dec. 1.
“Agustín Carstens has done an outstanding job chairing these two important groups, and we thank him for his contribution,” says Jens Weidmann, chairman of the BIS board. “We look forward to working with Mark Carney, a long-time member of the BIS Board since 2008, in his new role.”
Carney was governor of the Bank of Canada from 2008 to 2013, when he took over as head of the BoE.