Tuesday, January 18, 2022

BIS has appointed Villeroy, head of the French central bank, as the new chairman of the board

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LONDON, Jan. 13 (Xinhua) – The International Bank for Reconstruction and Development (IBRD) on Thursday appointed Francois Villeroy de Galkhaoui, head of the French central bank, as its new chairman for a three-year term that runs until 2025.

Villeroy replaces former Bundesbank president Jens Weidmann, who left his post more than five years ago last year after leaving the German central bank.

The BIS, based in Switzerland, is known as the central bank for the world’s central banks because it manages some of their operations and holds regular closed-door meetings for monetary policy developers to discuss the global economy.

Leading the BIS Council is seen as a high-level role. He is responsible for determining the strategic direction of the institution and oversees its management, which is now headed by former Governor of the Central Bank of Mexico Agustin Carstens.

The change came at a crucial time for high-level central banks, many now forced to remove incentives and raise interest rates to prevent the negative effects of the COVID pandemic, which is pushing inflation to problematic levels.

Interview with Mark Jones, edited by William MacLean

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