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Bank of England's Carney expands influence with two new global roles

Bank of England Governor Mark Carney is widening his influence by becoming chair of two global central bank groups which monitor risks from the economy and financial system.

Carney will chair the Global Economy Meeting (GEM), part of the Bank for International Settlements (BIS), which is made up of 30 central banks and monitors the global economy and financial system.

The 52-year-old Canadian, who has been Bank of England Governor since 2013, will also chair the Economic Consultative Committee (ECC), which prepares proposals for GEM.

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GEM flags risks to governments from the economy, and oversees work by other BIS panels on standards for market infrastructure, payments and markets.

He starts in December, when Augustin Carstens, who currently chairs both bodies, becomes general manager of the BIS.

Carney already chairs the Financial Stability Board at the BIS in Basel. The FSB coordinates new regulation for banks, insurers and asset managers introduced since the financial crisis that began a decade ago.

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