BIS elects new members to the board of directors

The Bank for International Settlements (BIS) has elected three new governors to its board of directors. The election of Guillermo Ortiz, governor of the Bank of Mexico, Jean-Claude Trichet, president of the European Central Bank and Zhou Xiaochuan, governor of the People's Bank of China, marks the first expansion of the BIS board since 1994, and aims to better reflect the BIS’ role as an international supervisor.

The new governors will take office on July 1 for an initial period of three years.

According to the BIS website, “Directors are elected in a personal capacity. Mr Ortiz and Mr Zhou are the Governors of central banks with which the BIS has close relationships through the two BIS Representative Offices, located in Mexico City and in Hong Kong SAR. Mr Trichet, as President of the European Central Bank, has a central role in Europe and occupies an eminent position within the global central

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