Reserve Bank of Australia governor Glenn Stevens has been appointed chairman of one of the world’s leading international watchdogs of financial market risk.
With concern growing around the world about the sustainability and dangers of unprecedented monetary policy stimulus, Mr Stevens takes on the role of coordinating the Financial Stability Board’s monitoring and gauging of threats to the global financial system.
Mr Stevens was announced as chairman late last week of one of the board’s three primary committees, its so-called Standing Committee on Assessment of Vulnerabilities.
The Financial Services Board, established at the height of the global financial crisis, is a high-powered grouping of central bank chiefs and finance ministers from the Group of 20, plus Hong Kong, Singapore and Switzerland, as well as global bodies such as the International Monetary Fund, Bank for International Settlements and the Organisation for Economic Co-operation and Development.
Mr Stevens takes over as chair of the committee from Bank of Mexico governor Agustin Carstens.
He will hold the FSB post until his term as governor of the Reserve Bank expires in September 2016.
Source: www.afr.com
