Mexico City. Pablo Hernández de Cos was appointed as general director of the Bank for International Settlements (BIS), for a period of five years starting July 1, 2025 and will succeed Agustín Carstens, whose term ends in June 2025 , the organization reported in a statement.
Hernández de Cos previously served as governor of the Bank of Spain, from 2018 until June 2024.
“The Board of Directors is pleased to announce the appointment of Pablo Hernández de Cos as the new Director General of the BPI. It was essential for the Board to find an excellent leader to succeed Mr. Carstens, who has very successfully led and transformed the BIS during these very challenging times,” said François Villeroy de Galhau, Chairman of the Bank’s Board of Directors and Governor of the Bank of France.
He explained that Hernández de Cos is a person of high caliber and global experience, and that the Council fully trusts that he will embody the spirit of international trust and technical excellence that underpins the work of the BIS.
The BIS Board recognized Agustín Carstens’ outstanding contribution to the Bank and thanked him for his continued leadership until the end of his tenure. He recognized the significant transformation and strengthening it gave to the financial institution.
“Under his leadership, the BIS implemented its ambitious Innovation BIS 2025 strategy, which included collaborating with its members on financial innovation issues, exploring the development of public goods through a new Hub of Innovation and the advancement of its analytical, capacity development and banking services to support central banks,” he mentioned.
Hernández de Cos was a member of the Governing Council of the European Central Bank (ECB) and president of the Basel Committee on Banking Supervision from January 2019 to June 2024.
He served as a member of the Financial Stability Council and the Group of Governors and Heads of Supervision of the BIS and held the position of vice-president of the Spanish Macroprudential Authority Financial Stability Council.
He was alternate governor for Spain at the International Monetary Fund, president of the Board of Governors of the Center for Latin American Monetary Studies (CEMLA) and president of the Board of Trustees of the Center for Monetary and Financial Studies (CEMFI).
He chairs the Technical Advisory Committee of the European Systemic Risk Board and is a member of its Council and Steering Committee. He is currently a Professor of the Practice of Economic Management at the IESE Business School and a non-resident member of Bruegel and the Peterson Institute for International Economics.
Born in Madrid, Spain, in 1971, Hernández de Cos holds a doctorate in Economics from the Complutense University of Madrid, specializing in macroeconomics, fiscal and monetary policy, and financial stability. He has a degree in Economics and Business Sciences from CUNEF University and a degree in Law from UNED.
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