June 11, 2013
Mario Draghi's New Job
Posted by David Zaring

Mario Draghi is the head of the European Central Bank, and he will go down as an epochal head, for good or ill, given the severity of the crises that have occurred on his watch.  It's an exciting day job.

But he just picked up a new gig for his nights and weekends:

The Group of Governors and Heads of Supervision (GHOS) has selected Mario Draghi, President of the European Central Bank, as its new Chair after consultations among its members.

The GHOS has been around for a little while, and it's an example of what I see as the increasing institutionalization of, and effort to provide oversight to, the international financial regulation done by the Basel Committee.  As the press release announcing Draghi's appointment put it, parsimoniously:

The Group of Governors and Heads of Supervision (GHOS) is the governing body of the Basel Committee on Banking Supervision.

The GHOS consists of central bank Governors and (non-central bank) Heads of Supervision from the following countries: Argentina, Australia, Belgium, Brazil, Canada, China, France, Germany, Hong Kong SAR, India, Indonesia, Italy, Japan, Korea, Mexico, the Netherlands, Russia, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States, and it includes the President of the ECB.

We don't really know what the GHOS does - the Basel Committee is nothing if not secretive about governance.  But congratulations to Draghi.  As far as I know, neither Bernanke nor Greenspan ever served as head of the GHOS.  Perhaps that will change when Draghi rotates out.


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