New role for Bank of Eng­land Gov­er­nor

Yorkshire Post - Business - - CAPITAL MARKETS -

BANK OF Eng­land Gov­er­nor Mark Car­ney is widen­ing his in­flu­ence by be­com­ing chair of two global cen­tral bank groups which mon­i­tor risks from the econ­omy and fi­nan­cial sys­tem.

Mr Car­ney will chair the Global Econ­omy Meet­ing (GEM), part of the Bank for In­ter­na­tional Set­tle­ments (BIS), which is made up of 30 cen­tral banks and mon­i­tors the global econ­omy and fi­nan­cial sys­tem.

The 52-year-old Cana­dian, who has been Bank of Eng­land Gov­er­nor since 2013, will also chair the Eco­nomic Con­sul­ta­tive Com­mit­tee (ECC), which pre­pares pro­pos­als for GEM.

GEM flags risks to gov­ern­ments from the econ­omy, and over­sees work by other BIS pan­els on stan­dards for mar­ket in­fra­struc­ture, pay­ments and mar­kets.

Mr Car­ney will start his new role in De­cem­ber, when Au­gustin Carstens, who cur­rently chairs both bod­ies, be­comes gen­eral manager of the BIS.

Mr Car­ney al­ready chairs the Fi­nan­cial Sta­bil­ity Board at the BIS. The FSB co­or­di­nates new reg­u­la­tion for banks, in­sur­ers and as­set man­agers in­tro­duced since the fi­nan­cial cri­sis.

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.”

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