Spain’s De Cos to Chair European Systemic Risk Board Panel

Bloomberg.- Bank of Spain Governor Pablo Hernandez de Cos has been appointed to chair the European Systemic Risk Board’s Advisory Technical Committee.

The ESRB, headed by European Central Bank President Mario Draghi, is responsible for warning of systemic risk in Europe’s financial system and proposing solutions. The technical committee provides advice to the board, and the chairmanship was previously held by Philip Lane who last month moved to the ECB’s Executive Board.

Hernandez de Cos serves on the ECB’s Governing Council and was recently named chairman of the Basel Committee on Banking Supervision. His appointment on Thursday signals his growing clout in central banking circles. The term is for three years.

The ESRB also appointed Richard Portes as chair of the Advisory Scientific Committee, which conducts research to inform macroprudential decisions by the board. Portes is a professor at the London Business School. The vice chairs will be Javier Suarez, a professor at the Centro de Estudios Monetarios y Financieros; and Isabel Schnabel, a professor at the University of Bonn.

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