The Board of Directors of the Bank for International Settlements (BIS) elected Jens Weidmann (pictured), president of the Deutsche Bundesbank as its new chairman.
His term is for a period of three years, commencing on 1 November 2015.
Weidmann will succeed Christian Noyer, who will serve as chairman of the Board until he retires as governor of the Bank of France on 31 October 2015. Mr Noyer first assumed his responsibilities as chairman in March 2010 and is at present serving his second term.
Prior to taking on his position at Bundesbank, Weidmann served within the Economic and financial Division of the German Federal Chancellery and advisor to German chancellor Angela Merkel. He is known as an staunch opponent of Greek bailout agreements.
The BIS Board is responsible for determining the strategic and policy direction of the BIS, supervising its Management, and fulfilling the specific tasks given to it by the Bank’s Statutes. It meets at least six times a year.