The Bank for International Settlements (BIS) announced today that its Board of Directors has appointed Lagarde to succeed Powell as Chair of the Global Economy Meeting (GEM) and the Economic Consultative Committee (ECC).
Central bank governors and other senior officials from BIS member banks convene every two months, usually in Basel, Switzerland, to assess recent developments as well as the world economic outlook and financial markets.
The Global Economy Meeting brings together governors from 30 BIS member central banks from major advanced and emerging market economies, collectively representing approximately four-fifths of the global Gross Domestic Product (GDP).
The Economic Consultative Committee is a group consisting of 19 members that supports the work of the GEM.
The appointment is for a term of three years, added the BIS.
