By Laura Contemori – ROME (Econostream) – European Central Bank Governing Council member Fabio Panetta was elected chair of the board of the Bank for International Settlements (BIS) for a three-year term starting June 3, the BIS said in a press release on Tuesday.

Panetta, governor of the Bank of Italy and former member of the ECB Executive Board, will succeed François Villeroy de Galhau, who will step down as BIS board chair on June 2 following his previously announced departure from the Bank of France.

Panetta will be responsible for “determining the strategic and policy direction of the BIS, supervising its Management and fulfilling the specific tasks given to it by the Bank's Statutes,” the BIS said.

The bank also announced several other appointments to key central bank groups. Gabriel Galípolo, governor of the Central Bank of Brazil, was named chair of the meeting of Governors of major emerging market economies (EMEs), while Michele Bullock, governor of the Reserve Bank of Australia, will chair the Asian Consultative Council.

Finally, Kazuo Ueda, governor of the Bank of Japan, was appointed chair of the Committee on the Global Financial System.