Caruana to join IMF

Jaime Caruana, chairman of the Basel Committee and head of the Bank of Spain until July 1, is to head a new department covering financial, capital market and monetary affairs at the International Monetary Fund (IMF) in Washington. The appointment begins in August.

The new department is being formed from the merger, announced back in February, of two existing departments: the international capital markets department and the monetary and financial systems department.

In his new role, Caruana will report to the IMF's managing director, Rodrigo Rato. Caruana’s departure next month from both the Basel Committee and Bank of Spain comes after his six-year tenure at the national bank in Madrid comes to its end.