Bundesbank chief Weidmann gets new term as BIS Chair

FRANKFURT: Bundesbank President Jens Weidmann will serve as a second three-year term as the chair of the Bank of International Settlements, an umbrella organisation often called the central bank of central banks.

Weidmann, frequently mentioned as a candidate to succeed Mario Draghi as European Central Bank Chief Mario Draghi next year, has been the Chair of the BIS since Nov 2015.

Basel-based BIS, owned by around 60 central banks, is a gathering place for the world's top monetary policymakers and its board includes top officials from the US Federal Reserve, the Bank of Japan and the ECB, among others.