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Bank of Canada’s Macklem to chair Basel banking committee’s oversight body -Breaking

by Mike Robinson

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© Reuters. Tiff Macklem, Bank of Canada Governor, arrives at a news conference held in Ottawa (Ontario), Canada, March 3, 2022. REUTERS/Blair Gable

(Reuters) – The Basel Committee on Banking Supervision (BCBS), an oversight body, announced Friday that it had appointed Tiff Macklem its new chair effective immediately.

It includes 45 members that include supervisors of central banks as well as bank supervisors. The BCBS is charged with strengthening supervision and regulation policies for banks all over the globe.

Macklem will be the Bank of Canada governor for a period of three years. This is according to the Group of Governors and Heads of Supervision.

This appointment is made at a moment when many top central banks around the globe are trying to increase interest rates and withdraw COVID-19 pandemic-era stimuli amid an accelerating rise in inflation.

Macklem succeeds France’s central bank chief François Villeroy de Galhau, who has held the role since November 2019.

Villeroy was appointed by the Bank for International Settlements as the new Chair of its Board for a term of three years, ending in 2025.

BCBS hosts the BIS. The BIS is known as the central banking institution to all the major central banks. They handle some transactions, and it holds behind-closed meetings to allow top monetary policymakers discuss the global economy.

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