Fabio Panetta, Governor of the Bank of Italy, has been appointed Chair of the Board of Directors of the Bank for International Settlements (BIS), the global institution that supports and advises central banks worldwide.
Panetta will begin his three-year term on June 3, succeeding Francois Villeroy de Galhau, who announced earlier this year that he would step down from his role at the Bank of France ahead of schedule.
The BIS Board of Directors is responsible for overseeing the organization’s strategic and policy direction, supervising management, and carrying out responsibilities outlined in the institution’s statutes. The Switzerland-based BIS is also currently finalizing a new strategic review.
The board’s governance role has drawn increased attention this year following criticism from Michelle Bowman, the top banking supervisor at the Federal Reserve, regarding the governance framework of the BIS-hosted Basel Committee.
The BIS has consistently advocated for maintaining central bank independence and has repeatedly warned about the financial stability risks linked to stablecoins and digital assets.
Alongside Panetta’s appointment, the BIS also announced several other leadership changes:
- Gabriel Galípolo will succeed Eddie Yue as Chair of the meeting of Governors of major emerging market economies for a two-year term beginning September 1.
- Kazuo Ueda has replaced former Korean central bank chief Chang Yong Rhee as Chair of the Committee on the Global Financial System for a three-year term effective immediately.
- Michele Bullock has assumed the role of Chair of the Asian Consultative Council for a two-year term, succeeding Nguyen Thi Hong.
The BIS Board of Directors can include up to 18 members, with Belgium, France, Germany, Italy, the United Kingdom, and the United States holding permanent positions.
Separately, Villeroy de Galhau’s early departure from the Bank of France has enabled French President Emmanuel Macron to nominate former chief of staff Emmanuel Moulin as his replacement ahead of France’s 2027 presidential election.
