Bimonthly meetings

The three principal bimonthly meetings are the Global Economy Meeting, the Economic Consultative Committee and the All Governors' Meeting.

bimonthly meetings

The Global Economy Meeting (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 Governors of another 19 central banks attend the GEM as observers.

Chaired by Mark Carney, Governor of the Bank of England, the GEM has two main roles:

The GEM's economic discussions focus on current macroeconomic and financial developments in major advanced and emerging market economies.

GEM members: central bank Governors of 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 and the United Kingdom, and the President of the ECB, the Chair of the Federal Reserve Board of Governors and the President of the Federal Reserve Bank of New York.

GEM observers: central bank Governors of Algeria, Austria, Chile, Colombia, the Czech Republic, Denmark, Finland, Greece, Hungary, Ireland, Israel, Luxembourg, New Zealand, Norway, Peru, the Philippines, Portugal, Romania and the United Arab Emirates.

The Economic Consultative Committee (ECC) is a 19-member group that supports the work of the GEM. Also led by the GEM Chairman and comprising all Governors participating in the BIS Board meeting and the BIS General Manager, the ECC conducts analyses and prepares proposals for the GEM's consideration.

In addition, the ECC Chairman makes recommendations to the GEM on the appointment of Chairs of the three central bank committees mentioned above and on the composition and organisation of those committees.

The All Governors' Meeting comprises the Governors of the 60 BIS member central banks and is chaired by the Chairman of the BIS Board, Jens Weidmann. It convenes to discuss selected topics of general interest to its members.

Two other groups - the Central Bank Governance Group, which also meets during the bimonthly meetings, and the Irving Fisher Committee on Central Bank Statistics - have a broader membership than the GEM, and hence, by agreement with the GEM and the BIS Board, the All Governors' Meeting is responsible for overseeing their work.

During the bimonthly meetings, Governors of central banks in major emerging market economies and small open economies gather to discuss themes of special relevance to their economies.