Brazil economist to chair BIS Americas Advisory Board

As of January 9, Brazil’s Central Bank head Roberto Campos Neto will chair the Americas Advisory Board of the Bank for International Settlements (BIS). With a two-year mandate, he will replace John Williams, president of the Federal Reserve Bank of New York (Fed).

Known as the Central Bank of all Central Banks, BIS is headquartered in Basel, Switzerland, and acts to promote coordinated actions among monetary authorities around the world, especially in times of global financial crisis. The financial institution also acts as the first counterparty for Central Banks' transactions.

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Elected by the BIS Board of Directors, Campos Neto is the second Brazilian to occupy this position. The first one was former president of Brazil's Central Bank Henrique Meirelles. Created in 2008, the Consultative Council of the Americas (CCA) is formed by the heads of the Central Banks of the following countries: Argentina, Brazil, Canada, Chile, Colombia, United States, Mexico, and Peru.

Besides promoting discussions and facilitating collaboration between Central Banks, BIS has the following attributions: to support the dialogue with other authorities responsible for promoting financial stability and to carry out research on policies of interest to monetary authorities around the globe.