Jerome Powell, chair of the U.S. Federal Reserve, is replacing Mark Carney, governor of the Bank of England, as the head of a pair of key central banker committees.
The Bank for International Settlements (BIS), an umbrella group for central banks and other financial regulators, announced Monday that
Powell has been appointed to succeed Carney as chair of the global economy meeting (GEM) and the economic consultative committee, the Bank for International Settlements (BIS), an umbrella group for central banks and other financial regulators, announced Monday.
His three-year term starts Feb. 1, 2020.
In addition, Sir Jon Cunliffe, deputy governor of the Bank of England, has been appointed chair of the Committee on Payments and Market Infrastructures, which is the global standard setter for payment, clearing and settlement services. His term starts Jan. 1m 2020.
Cunliffe replaces Benoît Coeuré, who has chaired the CPMI since September 2013. Coeuré has now been tapped to lead the BIS Innovation Hub, which was established to promote co-operation between central banks on innovation. His five-year term starts Jan. 15 2020.
The bankers’ innovation hub was initially launched in Switzerland and Hong Kong, with a location in Singapore slated to open on Nov. 13.
Separately, the governing body of the Basel Committee on Banking Supervision (known as the group of governors and heads of supervision) has named François Villeroy de Galhau, governor of the Bank of France, as its new chair, effective immediately.
He replaces Mario Draghi, outgoing president of the European Central Bank.