The Board of Directors of the Bank of International Settlement, the sponsors of the new Basel II risk-based capital regulations, yesterday announced the election of three additional central bank governors.
These are Jean-Claude Trichet, President of the European Central Bank (ECB); Zhou Xiaochuan, the Governor of the People's Bank of China, and Guillermo Ortiz, Governor of the Bank of Mexico. Jean-Pierre Roth, Chairman of the Board, welcomed the new members, saying that "they bring the global diversity of BIS membership to Board level". This enlargement of the BIS Board is the first since 1994 and takes effect on July 1st. The Board determines the Bank's strategy and policy direction and, amongst other initiatives, supervises its Basel Committee on Banking Supervision, the standard setting body for the implementation of the Basel II regulatory capital framework.
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