Mark Carney appointed Chairman of the Committee on the Global Financial System

At their meeting in Basel this weekend, the central bank Governors of the Global Economy Meeting (GEM)¹ appointed Mark Carney as Chairman of the Committee on the Global Financial System (CGFS). Mr Carney is Governor of the Bank of Canada.

Mr Carney's appointment as Chairman of the CGFS is for a term of three years starting on 1 July 2010. He succeeds Donald L Kohn, who has been CGFS Chairman since July 2006 and is retiring as Vice Chairman of the Board of Governors of the Federal Reserve System.

Mark Carney has been Governor of the Bank of Canada since February 2008. After 13 years in the private sector, he was appointed Deputy Governor of the Bank of Canada in 2003, and then served as Senior Associate Deputy Minister of Finance from 2004 until his appointment as Governor of the Bank. Mr Carney has a doctorate in economics from Oxford University.

The CGFS is a central bank forum for monitoring and examining broad issues relating to financial markets and systems, with a view to elaborating policy recommendations to support central banks in the fulfilment of their responsibilities for monetary and financial stability. Further information about the CGFS may be found on the BIS website at www.bis.org/cgfs/index.htm

¹ The members of the GEM consist of Governors from 30 BIS shareholding central banks: the central bank Governors of Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Malaysia, Mexico, the Netherlands, Poland, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, the United Kingdom and the United States and also the President of the European Central Bank and the President of the Federal Reserve Bank of New York.