On June 7, IMF Managing Director Rodrigo de Rato named Jaime Caruana, currently Governor of Banco de España (Spain’s central bank), as Counsellor and Director of a new department that will be responsible for all aspects of the Fund’s financial, capital market, and monetary work.
Caruana, 54, has headed Spain’s central bank since 2000. In addition to serving on the Governing Council of the European Central Bank, he also chairs the Basel Committee on Banking Supervision and, in that capacity, is a member of the Financial Stability Forum. Before joining the Banco de Espana, Caruana served as Director of the Spanish treasury and headed investment services and fund management companies for some 10 years.
In announcing the appointment, which becomes effective in August, de Rato said: “Jaime Caruana has had a highly distinguished career spanning more than 30 years in the public and private financial sector in Spain and on the international stage. I believe that, with his mix of private, public, and international experience, Mr. Caruana is ideally positioned to provide the Fund with a very respected and influential voice on financial sector issues and to lead the new department with vision and skill.”
The department that Caruana will head will be cre ated from the merger of two existing IMF departments—the International Capital Markets Department (ICM) and the Monetary and Financial Systems Department (MFD) (see IMF Press Release No. 06/21 for more information about the merger, which was announced in February).
The selection was made following consideration of qualified applicants by an internal staff panel and members of the IMF management team. Caruana will succeed Gerd Häusler, who has headed ICM since its creation in 2001 and who earlier announced his intention to leave the IMF in July 2006, and Stefan Ingves, who headed MFD until his appointment as Governor of Sveriges Riksbank, Sweden’s central bank (see IMF Press Releases Nos. 06/29 and 05/223).