More NewsMervyn King to Chair Global Economy Meeting and ECC

Mervyn King to Chair Global Economy Meeting and ECC

The Bank for International Settlements (BIS) has appointed Mervyn King as chairman of the Global Economy Meeting (GEM) and the Economic Consultative Committee (ECC). This will take effect as of 1 November 2011 and will be for a three-year term.

King, who is governor of the Bank of England (BoE), was also appointed the new chair of the Group of Governors and Heads of Supervision (GHOS) from November. GHOS is the oversight body of the Basel Committee on Banking Supervision.

King will succeed Jean-Claude Trichet, who will relinquish all three chairs when he retires as president of the European Central Bank (ECB) at the end of October. Trichet has chaired the GEM and the GHOS since 2003, and the ECC since its creation in 2010.

The GHOS also appointed Stefan Ingves, Governor of Sveriges Riksbank (Sweden’s central bank), as the new chairman of the Basel Committee on Banking Supervision (BCBS).

Ingves succeeds Nout Wellink, who relinquishes the Basel Committee chairmanship upon conclusion of his term of office as president of the Netherlands Bank at the end of June. Wellink has chaired the Basel Committee since 2006.

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