The Bank for International Settlements has established a Consultative Council for the Americas, comprised of the governors of the region’s central banks that belong to the BIS.

The CCA includes the governors of the central banks of Argentina, Brazil, Canada, Chile, Mexico, and the United States. The purpose of the new council is to provide a vehicle for communication between the members of the BIS in the Americas and the bank’s board and management on issues of interest to the central bank community in the region.

The first chairman of the council, starting in June, will be Martín Redrado, governor of Argentina’s central bank. The new body will meet at least once a year, with additional meetings at the initiative of council members. Secretariat services will be provided by the BIS Representative Office for the Americas in Mexico City.

Jean-Pierre Roth, chairman of the BIS board, said, “I am delighted to announce this important initiative, which will further strengthen the already close relationships between the BIS and its member central banks in the Americas and which we hope will also reinforce ties with non-member central banks in the region.”

“The establishment of the CCA marks another important step in the globalisation of the BIS. We look forward to the advice of the council in tailoring the bank’s activities to the needs of central banks in the Americas,” added Malcolm Knight, BIS general manager.