Lagarde to Succeed Powell on Two Key BIS Economic Committees

Christine Lagarde, President of the European Central Bank (ECB), is set to take over leadership of two major economic committees at the Bank for International Settlements (BIS), replacing U.S. Federal Reserve Chair Jerome Powell.

Powell has chaired the Global Economy Meeting (GEM), a forum of 30 central bank governors, as well as the BIS Economic Consultative Committee (ECC) since 2019, succeeding former Bank of England Governor Mark Carney. Lagarde will assume these roles upon the conclusion of Powell’s term at the Fed in May 2026, Reuters reported.

The transition highlights the growing influence of current and former ECB officials within the BIS, often referred to as the “central bank of central banks.”

Recent appointments reflect this trend: former Bank of Spain Governor Pablo Hernández de Cos replaced Mexican economist Agustín Carstens as BIS General Manager in July, while current Bank of France Governor François Villeroy de Galhau chairs the committee of all member central banks, which includes 63 institutions.

The BIS has not specified the term for Lagarde’s chairmanship of the two committees, though she is scheduled to remain ECB President until the end of October 2027.

This move signals a notable shift in international central banking dynamics, underscoring Europe’s growing role in global monetary coordination amid ongoing economic uncertainties.