The Basel Process - meetings

The BIS fosters discussion and facilitates collaboration among financial and monetary officials by organising and hosting bimonthly and other meetings of officials from central banks and supervisory authorities.

Bimonthly meetings

Governors and other senior officials of BIS member central banks hold bimonthly meetings, usually in Basel, to discuss current developments and the outlook for the world economy and financial markets. They also exchange views and experiences on issues of interest to central banks.

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

Global Economy Meeting

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 and Chairman of the Financial Stability Board, 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.

Economic Consultative Committee

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 of Directors 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.

All Governors' Meeting

The All Governors' Meeting comprises the Governors of the 60 BIS 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.

Group of Central Bank Governors and Heads of Supervision

The Group of Central Bank Governors and Heads of Supervision (GHOS) is a high-level forum responsible for international collaboration on banking supervision. Chaired by Mario Draghi, President of the European Central Bank, the GHOS meets periodically to decide on global banking regulations and oversee the work of the Basel Committee on Banking Supervision.

Other meetings of Governors

The central bank Governors of major emerging market economies meet three times a year to discuss issues of importance to their economies. Regular meetings are also held for the Governors of central banks in small open economies.

For senior central bank officials, the Bank organises various meetings to which other financial authorities, and occasionally the private financial sector and the academic community, are invited to contribute. These meetings include:

  • annual meetings of the working parties on monetary policy, held in Basel but also hosted at a regional level by central banks in Asia, central and eastern Europe, and Latin America
  • the meeting of Deputy Governors of emerging market economies
  • high-level meetings organised by the Financial Stability Institute for Governors and Deputy Governors and heads of supervisory authorities

The Bank also regularly organises informal discussions among public and private sector representatives that focus on their shared interests in promoting a sound and well functioning international financial system.