After the Global Economy Meeting (GEM)1, which took place on the occasion of the BIS Annual General Meeting, Agustín Carstens, Chairman of the GEM, made the following statement.
Governors endorsed the contingency measures put in place by the Bank of England and emphasised the preparedness of central banks to support the proper functioning of financial markets. Central banks will carefully monitor market functioning and stability, and cooperate closely.”
1 The Global Economy Meeting (GEM) is the principal discussion forum for central bank Governors during the regular BIS bimonthly meetings. It monitors and assesses developments in the world economy and the global financial system, and provides guidance to, and receives reports from, the Basel-based central bank committees: the Committee on the Global Financial System, the Committee on Payments and Market Infrastructures, and the Markets Committee. The GEM comprises the Governors of 30 BIS member central banks in major advanced and emerging market economies that together account for about four fifths of global GDP. Governors from several other central banks attend the GEM as observers.