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

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

The two committees in question are the Global Economic Meetings Committee (GEM), which includes 30 leading central bank governors, and the Economic Consultative Committee (ECC), responsible for providing strategic recommendations for the BIS.

The official transition to Lagarde is scheduled for May 2026, coinciding with the conclusion of Powell's term at the Federal Reserve. This appointment highlights the growing influence of the ECB within the BIS, often referred to as the "bank for central banks."

This change comes amid a series of European appointments within the institution, notably the recent appointment of Pablo Hernández de Cos, former Governor of the Bank of Spain, as General Manager of the BIS, succeeding Mexican Agustin Carstens last July.

François Villeroy de Galhau, Governor of the Bank of France, also chairs the Committee of Governors, which includes representatives from 63 member central banks of the BIS.

While the BIS has not specified the duration of Lagarde's term leading the two committees, she will continue to serve as President of the ECB until the end of October 2027, allowing her ample opportunity to influence global economic policies from a significant position.

This appointment reflects a shift in the balance of power within international financial institutions and strengthens Europe's role in shaping global monetary policies, especially in light of current economic challenges such as inflation, financial stability, and digital transformation in the banking sector.