The Board of Directors of the Bank for International Settlements (BIS) has appointed Claudio Borio as Head of Monetary and Economic Department, and Hyun Song Shin as Economic Adviser and Head of Research. Mr Borio and Mr Shin will be members of the Bank’s Executive Committee and contribute to the general management of the BIS for five-year terms. The Head of Monetary and Economic Department takes primary responsibility for policy coordination, statistics and the interaction with the BIS hosted committee. The Economic Adviser and Head of Research has primary responsibility for economic research.