MNI BRIEF: ECB's Lagarde To Head BIS GEM When Powell Leaves

European Central Bank President Christine Lagarde will succeed Fed Chair Jay Powell as head of both the Global Economy Meeting and Economic Consultative Committee from May 2026, the Bank for International Settlements' board announced Wednesday.

The GEM and the ECC are among the principal meetings held at the BIS every two months. The GEM comprises the governors of 30 BIS member central banks in major advanced and emerging market economies, while the ECC is a 19-member group that conducts analyses and prepares proposals for the GEM’s consideration.

Lagarde's appointment is for a three-year term, though her ECB term ends in November 2027.