BIS's Caruana wins term extension as Cecchetti prepares to quit Basel

jaime-caruana
Jaime Caruana

The board of directors of the Bank for International Settlements (BIS) yesterday handed general manager Jaime Caruana a three-year extension to his term in office – but Stephen Cecchetti, the head of the BIS's monetary and economic department, will leave the Basel-based body when his replacement is found later this year.

Caruana's current term at the head of the BIS ends in March 2014, but the decision taken yesterday by the board, headed by Banque de France governor Christian Noyer, will see Ca

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