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

Governor Mark Carney has been named Chairman of the Committee on the Global Financial System (CGFS), a forum for central banks to discuss policy issues related to financial markets and systems.

The appointment, effective 1 July 2010 for a term of three years, was made in Basel by the central bank governors of the Global Economy Meeting (GEM), 1 which includes 30 central bank governors within the membership of the Bank for International Settlements (BIS).

Governor Carney 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.

The CGFS, an organization hosted by the BIS, monitors developments in global financial markets for central bank governors, in particular to identify and respond to threats to the stability of financial markets and the global financial system. It has a mandate to identify and assess potential sources of stress in global financial markets, to further understanding of the structural underpinnings of financial markets, and to promote improvements to the functioning and stability of financial markets. Further information about the CGFS may be found on the BIS website.