New role for Bank of England Governor
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.”