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 22 central banks attend the GEM as observers.

Chaired by Jerome Powell, Chair of the Board of Governors of the Federal Reserve System, the GEM has two main roles:

• monitoring and assessing developments, risks and opportunities in the world economy and the global financial system
• providing guidance to three Basel-based central bank committees: the Committee on the Global Financial System, the BIS Committee on Payments and Market Infrastructures and the Markets Committee

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 Board of Governors of the Federal Reserve System 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, Kuwait, Luxembourg, Morocco, New Zealand, Norway, Peru, the Philippines, Portugal, Romania, the United Arab Emirates and Vietnam.

The Economic Consultative Committee (ECC) is a 19-member group that supports the work of the GEM. Also led by the GEM Chair 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 Chair 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 63 BIS member central banks and is chaired by François Villeroy de Galhau, Chair of the BIS Board. 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.