Padoa-Schioppa to chair IMFS

Tommaso Padoa-Schioppa, Italy's economy and finance minister, is to head the International Monetary Fund's (IMF) International Monetary and Financial Committee (IMFC).

The previous chair was Gordon Brown, the former the UK chancellor of the exchequer, who resigned in July after becoming the British prime minister.

Padoa-Schioppa, who has been the Italian economy and finance minister since May 2006, was a member of the executive board of the European Central Bank from 1998 until 2005. Previous