The G7 finance ministers and central bank governors have confirmed that Mario Draghi will take over as chairman of the Financial Stability Forum.

Draghi is governor of the Bank of Italy. He will succeed Roger Ferguson Jr., vice chairman of the US Federal Reserve Board, who has been the FSF’s chairman since May 2003, when he steps down at the end of April.

The Financial Stability Forum was created in February 1999 to promote international financial stability through enhanced information exchange and international cooperation in financial supervision and surveillance. It brings together the national authorities responsible for financial stability in significant international financial centres, the international financial institutions, international regulatory or supervisory bodies, and committees of central bank experts.

The FSF’s next meeting is planned for September 2006.