BIS is headquartered in Basel, Switzerland, and acts as a coordinating body among central banks to ensure global monetary and financial stability.
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The Bank for global Settlements (BIS) has announced an executive appointment to its board, having elected Raghuram Rajan as its newest Vice-Chairman, according to a BIS statement.
“Rajan joined the BIS Board of Directors in December 2013. It meets at least six times a year”, BIS said on its website.
The 52-year-old Rajan who has been critical of central banks of the West for their excessive printing of money to bring back growth, would assist Jens Weidmann, chairman of BIS, who is also the head of Bundesbank, the German banking regulator. Rajan once even had a face-off with former chairman of the Federal Reserve Ben Bernanke when he said that powerful central banks should pay attention to how their policies affect other countries.
Indian media has speculated that Rajan could be a contender to head the International Monetary Fund after the five-year term of the current head, Christine Lagarde, ends in 2016.
Mr. Rajan was appointed Governor of the RBI in September 2013, and was given a three-year term. Each ex-officio member may appoint another member of the same nationality. “I think there will be volatility but I think we have to bear mit”, he said.
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“In that sense I share [Rajan’s] concerns about monetary policy that’s too loose for too long”.
