As monetary policy reaches a critical moment, the presidency at the Bank for International Settlements is passing hands.
The Bank for International Settlements (BIS) is naming François Villeroy de Galhau (pictured below) as its new chair for the next three years, it said in a statement Thursday.
Villeroy de Galhau who is the governor of the Bank of France succeeds Jens Weidmann whose term finished last year when he suddenly decided to step down from his role as Deutsche Bundesbank chair.
The Board is responsible for determining the strategic and policy direction of the BIS, supervising its management, and fulfilling the specific tasks given to it by the bank's Statutes, the statement said.
Turning Point
The French central banker is taking over at a time when monetary policy in most industrialized countries is at a turning point.
In response to rapidly rising inflation, the U.S. Federal Reserve recently proposed lifting interest rates in three steps in 2022, signaling a gradual departure from negative interest rates for other monetary watchdogs such as the Swiss National Bank.
