© . Bank of Canada Governor Tiff Macklem arrives at a news conference in Ottawa, Ontario, Canada on March 3, 2022. REUTERS/Blair Gable () – The oversight body of the Basel Committee on Banking Supervision (BCBS) said Friday it Tiff has appointed. Macklem as new chair, effective immediately. The BCBS consists of 45 members, including central banks and banking supervisors, charged with strengthening the regulation, supervision and policy of banks around the world. Macklem, who is currently the governor of the Bank of Canada, will hold the position for a three-year term, according to the Group of Governors and Heads of Supervision (GHOS). The appointment comes at a time when several central banks around the world are looking to raise interest rates and withdraw stimulus from the COVID-19 pandemic era amid a rapid rise in inflation. Macklem succeeds French central bank chief François Villeroy de Galhau, who has held the position since November 2019. Earlier this year, the Bank for International Settlements (BIS) appointed Villeroy as its new chairman for a three-year term until 2025. The BIS, which houses BCBS, is named the central bank after the world’s central banks because it houses a number of transacts and holds regular behind-closed-door meetings for leading monetary policymakers to discuss the global economy.