The former governor of the Bank of Spain, Pablo Hernández de Cos, has risen to managing director of the Bank for International Settlements (BIS).
His mandate will begin in July 2025 and has a duration of five years, which he may renew. Hernández de Cos succeeds the Mexican Agustín Carstens at the head of what is known as the “central bank of central banks.”
Hernández de Cos finished his time as governor of the Bank of Spain in June 2024. The Madrid native was the last appointment of the Popular Party (PP) Government of Mariano Rajoy, in 2018.
Now, it will move to Basel, Switzerland, where the BIS has its headquarters, and from where they coordinate banking regulation policies. Hernández de Cos is the second Spaniard to head this institution, after Jaime Caruana, another former governor of the Bank of Spain, who directed it between 2009 and 2017.
The BIS, founded in 1930 making it the world’s oldest international financial institution, assists central banks in promoting global monetary and financial stability by acting as a first-class counterparty in the banks’ own financial transactions. central offices, and as agent or trustee in international financial operations.
Additionally, the BIS hosts the Basel Committee on Banking Supervision, which sets global standards for banking supervision, giving its director a key role in shaping global consensus on financial rules.
#governor #Bank #Spain #Hernández #Cos #jumps #managing #director #Bank #International #Settlements
