New chairman for Committee on Global Financial System

Roger Ferguson, vice-chairman of the Board of Governors of the Federal Reserve System, was named chairman of the Basel-based Committee on the Global Financial System (CGFS), the Bank for International Settlements said today.

Ferguson succeeds Yutaka Yamaguchi, deputy governor of the Bank of Japan. His appointment is for three years and starts in March.

The CGFS is a central bank forum tasked with policy recommendation in support of monetary and financial stability. It assists central bank governors in responding to threats to the stability of financial markets and the global financial system. It works in conjunction with other Basel-based committees, such as the Basel Committee on Banking Supervision.

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