Christine Lagarde to Succeed Jerome Powell as Chair of Key Economic Committees at BIS

The Bank for International Settlements (BIS), which serves as a central bank for central banks globally, announced today that Christine Lagarde, the President of the European Central Bank (ECB), will assume the chairmanship of two key economic committees. She will succeed Jerome Powell, the current Chairman of the U.S. Federal Reserve, who has held the position since 2019.

The committees are the Global Economy Meeting (GEM), comprising governors from 30 of the world’s leading central banks, and the Economic Consultative Committee (ECC), which advises the BIS on strategic recommendations.

Lagarde's official transition into these roles is scheduled for May 2026, coinciding with the conclusion of Powell's term at the Federal Reserve. This appointment is viewed as a sign of the growing prominence of the ECB within the BIS, often referred to as the "bank for central banks."

This leadership change follows a series of notable European appointments within the BIS, including the recent selection of Pablo Hernández de Cos, former governor of the Spanish central bank, as the bank's general manager, succeeding Agustín Carstens last July.

François Villeroy de Galhau, the governor of the French central bank, also leads meetings that include representatives from 63 member central banks of the BIS.

While the BIS has not disclosed the length of Lagarde's tenure in these roles, she will continue as President of the ECB until the end of October 2027, providing her with significant influence over global economic policies.

This appointment underscores the evolving dynamics within international financial institutions and enhances Europe’s role in shaping global monetary policy, particularly in the context of ongoing economic challenges such as inflation, financial stability, and the digital transformation of the banking sector.