French central bank chief to head BIS

The governor of France’s central bank, Francois Villeroy de Galhau, has been elected as head of the Bank of International Settlements, the Basel-based institution said Thursday.

Villeroy de Galhau takes over takes over the BIS — dubbed the central bank for central banks — from Jens Weidmann, who stepped down from the post and that of the head of Germany’s central bank, the Bundesbank.

Villeroy de Galhau, 62, has led the Banque de France since 2015. He previously headed up the retail banking operations of BNP Paribas and its consumer finance arm Cetelem, and held positions in the government.

Established in Basel in 1930, the BIS is owned by 63 central banks, representing countries that account for about 95 percent of global gross domestic product (GDP).

It carries out research and analysis of the monetary and financial system, and acts as a forum for dialogue for monetary policymakers.

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