BIS sets up new Americas council

Consultative Council for the Americas aims to improve inter-bank communication

BASEL – The Bank for International Settlements (BIS) has established a Consultative Council for the Americas (CCA), which comprises the governors of the BIS member central banks in the Americas region: the Central Bank of Argentina, Central Bank of Brazil, Bank of Canada, Central Bank of Chile, Bank of Mexico and the Board of Governors of the Federal Reserve System (US).

It is hoped the CCA will provide a vehicle for communication between the members of the BIS in the Americas and the bank's board and management on matters of interest and concern to the central bank community in the region.

The CCA has been set up following consultations with the regional member central banks about its purposes, organisational arrangements and specific tasks. The first chairman of the council, beginning June 1 2008, will be Martín Redrado, governor of the Central Bank of Argentina. The new body will meet at least once a year, with additional meetings initiated by council members. Secretariat services will be provided by the BIS representative office for the Americas in Mexico City.

Jean-Pierre Roth, chairman of the BIS board of directors, said: "I am delighted to announce this important initiative, which will further strengthen the already close relationships between the BIS and its member central banks in the Americas, and which we hope will also reinforce ties with non-member central banks in the region."