9 September 2013
The Board of Directors of the Bank for International Settlements (BIS) today appointed Claudio Borio as Head of Monetary and Economic Department, and Hyun Song Shin as Economic Adviser and Head of Research. In their new roles Mr Borio and Mr Shin will be members of the Bank's Executive Committee, thus contributing to the general management of the BIS. Both appointments are for a five-year term. Mr Borio's appointment will become effective on 18 November 2013 and Mr Shin's on 1 May 2014.
Mr Borio, as Head of Monetary and Economic Department, will take primary responsibility for policy coordination, statistics and the interaction with the BIS hosted committees. Mr Shin, in his capacity as Economic Adviser and Head of Research, will have primary responsibility for economic research.
Mr Borio is currently the Deputy Head of Monetary and Economic Department and Director of Research and Statistics at the BIS. Mr Borio joined the BIS in 1987 and has enjoyed a successful career in various roles in the Monetary and Economic Department. He holds a DPhil in Economics from Oxford University.
Mr Shin is currently the Hughes-Rogers Professor of Economics at Princeton University where he has been working since January 2006. From 2000 to 2005, he was Professor of Finance at the London School of Economics. Mr Shin comes with an outstanding publication record and his academic research and policy interests are well aligned with the mission of the BIS and central banks. He holds a DPhil in Economics from Oxford University.
Commenting on the new appointments, BIS General Manager Jaime Caruana said: "Based on their exemplary career and research record, together Mr Borio and Mr Shin will further enhance the output of the Monetary and Economic Department in the area of research and policy advice".
Mr Caruana warmly thanked Stephen Cecchetti, who has held the position of Head of Monetary and Economic Department and Economic Adviser since 2008, for his dedication and excellent service to the Bank and wished him all the best for the future. Mr Cecchetti will leave the Bank on 15 November 2013.