Central bank governors named Mark Carney as chairman of the committee on global financial systems (CGFS) at their global economy meeting in Basel this weekend.

Carney, who has been governor of the Bank of Canada since February 2008, will serve a three -year term as chairman effective July 1. He succeeds Donald Kohn, who was chairman since July 2006 and will be retiring as vice chairman of the Federal Reserve System’s board of governors.

After 13 years in the private sector, Carney was appointed deputy governor of the Bank of Canada in 2003. He then served as senior associate deputy minister of finance from 2004 until his appointment as governor.

The CGFS is a central bank forum for monitoring and examining broad issues relating to financial markets and systems. Its goal is to elaborate policy recommendations to support central banks in fulfilling their responsibilities  to promote  monetary and financial stability.

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