The Board of Directors of the Bank for International Settlements (BIS) has re-elected Bundesbank President Jens Weidmann as Chairman for another three-year term, beginning on 1 November 2021. Mr Weidmann first stepped into the role of Chairman on 1 November 2015. The Board thanked Mr Weidmann for his leadership in these challenging times and praised his continued commitment to the BIS.

The tasks of the BIS

The BIS, also known as “the central bank for central banks”, is the oldest international financial institution. The Bundesbank is one of currently 63 member institutions.

The Board of Directors determines the strategic and policy direction of the BIS, and also supervises BIS management. It meets at least six times a year. It may have up to 18 members, including six ex officio Directors, comprising the central bank governors of Belgium, France, Germany, Italy, the United Kingdom and the United States. They may jointly appoint one other member of the nationality of one of their central banks. Pursuant to the BIS Statutes, up to eleven governors of other member central banks may be elected to the Board of Directors.