The Board of Directors of the Bank for International Settlements (BIS) has appointed Mark Carney, Governor of the Bank of England, as Chair of the Global Economy Meeting (GEM) and the Economic Consultative Committee (ECC), after consultations with members of the GEM. The appointment takes effect on 1 December 2017.

Mr Carney will succeed Agustín Carstens, who will step down as chair of the two groups when he takes up the post of General Manager of the BIS at the beginning of December. Mr Carstens has chaired the ECC and the GEM since 1 July 2013.

“Agustín Carstens has done an outstanding job chairing these two important groups, and we thank him for his contribution,” BIS Board Chairman Jens Weidmann said. “We look forward to working with Mark Carney, a long-time member of the BIS Board since 2008, in his new role.”

Mr Carney has been Governor of the Bank of England since 2013, and from 2008 to 2013 served as Governor of the Bank of Canada.

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 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.

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 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 the chairs of the three central bank committees mentioned above and on the composition and organisation of those committees.

Source: BIS