Bank for International Settlements Elects Bank of Italy's Fabio Panetta as New Board Chair

The Board of the Bank for International Settlements has elected Fabio Panetta, Governor of the Bank of Italy, as its new Chair for a three-year term beginning 3 June 2026. He succeeds François Villeroy de Galhau, Governor of the Bank of France, who steps down from the post on 2 June.

The appointment was announced by the Basel-based institution alongside a series of changes to the leadership of its main advisory bodies.

PANETTA TAKES OVER FROM VILLEROY

Villeroy de Galhau has chaired the BIS Board since 2022 and announced in February that he would step down from the Bank of France in June, more than a year before the end of his term.

Panetta became Governor of the Bank of Italy in November 2023 after serving on the Executive Board of the European Central Bank, where he chaired the high-level task force on a digital euro.

NEW LEADERS FOR KEY GROUPS

Alongside Panetta's election, the BIS announced appointments to lead three of its key groups. Gabriel Galípolo, President of the Central Bank of Brazil, has been named Chair of the meeting of Governors of major emerging market economies, succeeding Eddie Yue.

Michele Bullock, Governor of the Reserve Bank of Australia, will chair the Asian Consultative Council, succeeding Nguyen Thi Hong. Kazuo Ueda, Governor of the Bank of Japan, has been appointed Chair of the Committee on the Global Financial System, succeeding Chang Yong Rhee.

Panetta's term begins on 3 June; Bullock's two-year term began on 11 May and Ueda's three-year term on 12 May, while Galípolo's three-year term starts on 1 September. The BIS acts as bank for central banks and as a forum for cooperation among monetary authorities. The governors thanked Villeroy de Galhau, Yue, Hong and Rhee for their leadership.