At their meeting in Basel this weekend, the central bank Governors of the Global Economy Meeting (GEM) appointed Philip Lowe, Governor of the Reserve Bank of Australia (RBA), as Chair of the Committee on the Global Financial System (CGFS).
The appointment of Mr Lowe as Chair of the CGFS is for a term of three years, starting immediately. He succeeds William C Dudley, CGFS Chair since January 2012. Mr Dudley retired from his position as President and Chief Executive Officer of the Federal Reserve Bank of New York on 17 June 2018. The GEM Governors expressed their gratitude to Mr Dudley for his leadership during his time as Chair and wish Mr Lowe every success in his new role.
Mr Lowe has been Governor of the RBA since September 2016. He joined the Bank in 1980, and previously held the positions of Deputy Governor, Assistant Governor (Economic) and Assistant Governor (Financial System). Mr Lowe is a member of the Financial Stability Board. He also spent two years at the Bank for International Settlements working on financial stability issues.
The CGFS is a central bank forum for the monitoring and analysis of broad financial system issues. It supports central banks in the fulfilment of their responsibilities for monetary and financial stability by contributing appropriate policy recommendations.