BIS appoints Stephen G Cecchetti as Economic Adviser, Head of Monetary and Economic Department

The Board of Directors of the Bank for International Settlements (BIS) today announced the appointment of Stephen G Cecchetti as Economic Adviser and Head of the Monetary and Economic Department, one of the Bank's three main departments. His appointment takes effect on 1 July 2008 and is for a five-year term.

Mr Cecchetti's appointment fills the vacancy being created by the retirement in June of William R White, who has held the position since 1994. Mr Cecchetti will be a member of the BIS's Executive Committee and will have overall responsibility for monetary and economic analysis at the Bank.

Mr Cecchetti brings to the BIS 25 years of experience in economic research and central banking. He is currently Professor of International Economics and Finance at the International Business School, Brandeis University, and is Director of Research at the Rosenberg Institute for Global Finance. Prior to this, Mr Cecchetti was Professor of Economics at Ohio State University and served between 1997 and 1999 as Executive Vice President and Director of Research at the Federal Reserve Bank of New York, as well as Associate Economist of the Federal Open Market Committee. He holds a Bachelor's degree in Economics from the Massachusetts Institute of Technology and a PhD in Economics from the University of California at Berkeley. Mr Cecchetti is a citizen of both the United States and Italy.

BIS General Manager Malcolm Knight warmly thanked Mr White for his outstanding service to the Bank and wished him well for the future. Commenting on Mr Cecchetti's appointment, he said: "Stephen Cecchetti brings to this position a wealth of experience in economic research and central banking. We are fortunate indeed to have secured his talents and are looking forward to welcoming him to the BIS and to the senior management team."