Fed’s Powell to Succeed Carney as Chair of Key BIS Groups
Fed’s Powell to Succeed Carney as Chair of Key BIS Groups
(Bloomberg) --
Federal Reserve Chair Jerome Powell will take over the stewardship of two central bank groups at the Bank for International Settlements early next year.
Powell succeeds Bank of England Governor Mark Carney on Feb. 1, 2020 as chair of the Global Economy Meeting and the Economic Consultative Committee. Carney is due to step down from the BOE at the end of January.
The GEM is made up of 30 central bank chiefs -- accounting for about 80% of the world economy -- and monitors risks to global growth and the financial system. It’s a key part of the gatherings of central bankers that the BIS hosts every two months in Basel.
Earlier, the BIS named European Central Bank Executive Board member Benoit Coeure as head of its new “Innovation Hub,” set up to promote coordination among central banks on financial technology developments such as digital currencies and Libra. The BIS board also elected Christine Lagarde as a member, replacing Mario Draghi. Lagarde took over as ECB president this month.
To contact the reporter on this story: Fergal O'Brien in Zurich at fobrien@bloomberg.net
To contact the editors responsible for this story: Craig Stirling at cstirling1@bloomberg.net, Brian Swint
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