Bank of Canada Governor Mark Carney has been named by the Group of 20 to head the Financial Stability Board (FSB).
It was announced in Cannes, France where the G20 are meeting that the Swiss National Bank chairman, Philipp Hildebrand, will be the vice-chairman of the body, which is the key driving force behind the reform of global financial regulations.
The 46-year-old Carney will take over from Italy’s Mario Draghi who took over as head of the European Central Bank on Tuesday.
Hildebrand, who is two years older than Carney, has been with the Swiss National Bank since 2003 and its head since the start of 2010. He is also a member of the Board of the Bank for International Settlements (BIS), and represents Switzerland in both the FSB’s Steering Committee and Plenary.
The Swiss government in a statement on Friday said the appointment of Hildebrand was "recognition of [Switzerland's] commitment to strengthen the set of international regulations for the financial sector in the wake of the financial crisis".
The cabinet added that Hildebrand would not only represent the chairman, he would also have management responsibilities in the area of planned institutional strengthening of the FSB.
The BIS hosts the FSB Secretariat at its headquarters in Basel.
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