The three principal bimonthly meetings are the Global Economy Meeting, the Economic Consultative Committee and the All Governors' Meeting.
The Global Economy Meeting (GEM) has two main roles:
- monitoring and assessing developments, risks and opportunities in the world economy and the global financial system; and
- providing guidance to three Basel-based central bank committees - the Committee on the Global Financial System, the Committee on Payments and Market Infrastructures and the Markets Committee.
The GEM also receives reports from the chairs of those committees and decides on publication.
The GEM, chaired by Mark Carney, Governor of the Bank of England and Chairman of the Financial Stability Board, 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:
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.
The Governors of another 19 central banks attend the GEM as observers:
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 an 18-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 BIS's 60 member central banks and is chaired by the BIS Chairman, 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 (i) major emerging market economies and (ii) small open economies gather to discuss themes of special relevance to their economies.