BIS Taps BOE’s Governor Mark Carney to Chair GEM and ECC Committees

He replaces Agustín Carstens, who was due to head up the global bank regulator in December.

Bank of England Governor Mark Carney is set to take over as the next Chairman of the Economic Consultative Committee (ECC) and the Global Economy Meeting (GEM), the Bank for International Settlements announced Monday.

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He replaces Agustín Carstens, who is to head up the global bank regulator in December. Agustín has governed Mexico’s central bank since 2010, and is set to take over as BIS general manager, which is a five-year term, from Jaime Caruana when he retires next month.

BIS acts as an arbiter for international central banking and is made up of a consortium of central banks from around the world.

The GEM is the principal discussion forum for the chiefs of the 30 central banks which make up its membership. The countries represented account for nearly 80% of global GDP.

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In addition to organising the BIS bimonthly meetings, GEM monitors and assesses risks and developments in the world economy and the global financial system. It also provides guidance and receives reports from the three Basel-based central bank committees.

The ECC supports the GEM. The 18-member group analyses and proposes subjects for the GEM’s consideration.

Mr. Carney has a wide range of experience in the economic and financial world. He was the first non-British governor of the BOE and also fills another important role as chairman of the Financial Stability Board, a body that coordinates international bank regulations.

In addition to these duties, he heads the Board of the Prudential Regulation Authority and also serves as a member of the Group of Thirty and of the Foundation Board of the World Economic Forum.

The former boss of Canada’s central bank also spent more than a decade working for the US investment bank Goldman Sachs.

BIS Board Chairman Jens Weidmann commented on the appointment: “Agustín Carstens has done an outstanding job chairing these two important groups, and we thank him for his contribution. We look forward to working with Mark Carney, a long-time member of the BIS Board since 2008, in his new role.”

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