Once a European fortress, the BIS is about to experience a Canadian takeover. Is this an emerging Anglo-Saxon Trojan horse? When Canadian central banker Malcolm D. Knight became managing director of the Bank for International Settlements in Basel many European central bankers were not happy.
A major top reshuffling is underway these days at the Bank for International Settlements (BIS) in Basel. Two outstanding leaders of the international financial world—Andrew Crockett and William McDonough— have announced their intentions to step down. On April 1 of this year, Malcolm D. Knight (58), senior deputy governor of the Bank of Canada since 1999, will succeed Andrew Crockett as managing director of the BIS, an institution that acts as “Bank of Central Banks.” And on July 1, Jaime Caruana, governor of the Bank of Spain, will take over the chair of the Basel Committee on Banking Supervision from McDonough, who negotiated the new global risk-based accord for bank capital (Basel II) and who will retire as president of the New York Federal Reserve in the middle of this year.
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