Agustín Carstens to chair the BIS Economic Consultative Committee and the BIS Global Economy Meeting; Mario Draghi to chair the Group of Governors and Heads of Supervision
5 June 2013
Two appointments have recently been made at the Bank for International Settlements (BIS), both with effect from 1 July 2013 and for a three-year term:
- The BIS Board of Directors has appointed Agustín Carstens, Governor of the Bank of Mexico, as Chairman of the Economic Consultative Committee (ECC) and the Global Economy Meeting (GEM) after consultations with members of the GEM.
- The Group of Governors and Heads of Supervision (GHOS) has selected Mario Draghi, President of the European Central Bank, as its new Chair after consultations among its members.
Agustín Carstens and Mario Draghi will succeed Mervyn King, who will step down as Chairman of the three groups when he retires as Governor of the Bank of England at the end of June. Mr King has chaired the ECC, the GEM and the GHOS since November 2011.
Both the Board and the GHOS have expressed their gratitude for Mr King's excellent chairmanship.
Economic Consultative Committee and Global Economy Meeting
The Economic Consultative Committee (ECC) supports the Global Economy Meeting (GEM), it assembles proposals for consideration and decision by the GEM. The ECC includes all BIS Board member Governors, the central bank Governors from India and Brazil, and the BIS General Manager.
The Global Economy Meeting (GEM) is the principal discussion forum of central bank Governors during the regular BIS bimonthly meetings. It has two main roles: (i) monitoring and assessing developments in the world economy and the global financial system, and serving as a forum for open discussion and effective cooperation between central banks; and (ii) providing guidance to, and receiving reports from, the Basel-based central bank committees: the Committee on the Global Financial System (CGFS), the Committee on Payment and Settlement Systems (CPSS) and the Markets Committee.
The GEM comprises the Governors of 30 BIS member central banks in major advanced and emerging market economies that account for about four fifths of global GDP. The members of the GEM are the central bank Governors from Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Malaysia, Mexico, the Netherlands, Poland, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, the United Kingdom and the United States and also the President of the European Central Bank and the President of the Federal Reserve Bank of New York. Governors from several other central banks attend the GEM as observers.
Group of Governors and Heads of Supervision
The Group of Governors and Heads of Supervision (GHOS) is the governing body of the Basel Committee on Banking Supervision.
The GHOS consists of central bank Governors and (non-central bank) Heads of Supervision from the following countries: Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States, and it includes the President of the ECB.