BIS head Caruana extends term until 2017
ZURICH, June 23 (Reuters) - Jaime Caruana will extend his term at the helm of the Bank for International Settlements (BIS) by another three years when he completes five years in office next March, the Basel-based body said on Sunday.
Caruana, 61, was governor of the Spanish central bank from 2000 to 2006 and chaired the Basel Committee on Banking Supervision from 2003 to 2006. He took over as BIS general manager in April 2009.
Caruana agreed to the extension following a request from the board of the BIS, meeting on Sunday for its annual general meeting. He will stay on until he reaches the BIS retirement age of 65 in March 2017, the bank said in a statement.
The BIS, the club of the world's central banks, said in its annual report on Sunday that policymakers should not allow fears of disrupting markets to delay the timely withdrawal of cheap money they pumped out to calm crises.
Caruana said in a speech to the annual meeting that it was now up for governments to do more to restore growth.
"Monetary policy has done its part. Recovery now calls for a different policy mix, with more emphasis on strengthening economic flexibility and dynamism and stabilising public finances," he said.
The U.S. Federal Reserve has become the first of the world's major central banks to lay out a plan for pulling back from its monetary stimulus programme, triggering a global sell-off when it said it could begin winding down its bond purchases later this year.