The French take over supervision of the Central Bank of central banks

At a crucial moment for monetary policy, the presidency of the Bank for International Settlements in Basel is moving into new hands. A Frenchman takes over from his German predecessor.

Wednesday (Yesterday) Bank for International Settlements (BIS) Francois Villeroy de Gallo (photo below) Elected a new president. The current Governor of the Banque de France holds a three-year term at the “Central Bank of Central Banks” in Basel, as I mentioned this on Thursday.

Follow Villeroy de Galhau Janes Weidman, Last September, he abruptly resigned from his position as head of the German Bank.

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(BIZ Image)

Worked as successor to Axel Weber

Weidmann was there in 2011 Axel Weber This was followed, who at the time resigned after a dispute over European monetary policy and later became chairman of the board of directors of major Swiss bank UBS. Following his resignation, Weidmann was considered a reasonable candidate to replace Weber at UBS in April; Instead he did the Irish Colm Kelleher Race.

The French central bank is taking over supervision in Basel at a turning point in monetary policy in most industrialized countries: Given rapidly rising inflation, the US Federal Reserve announced three interest rate increases for 2022 at the start of the week. This also indicates that other monetary authorities such as the Swiss National Bank (SNB) are gradually moving away from lower and negative interest rates.

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