This is a reasonably significant event in terms of the BRICS nations gaining more influence within the existing global financial institutions. Mr. Rajan is the current head of the Indian Central Bank and highly respected around the world. His appointment as Vice Chairman at the Bank for International Settlements will probably be well received in the BRICS nations. Below are some quotes from this news article on the announcement.
-------------------------------------------------------------------------------------Mumbai: Reserve Bank of India Governor Raghuram Rajan, a vocal advocate of increased emerging market participation in global policy debate, was appointed as vice chairman of the Bank for International Settlements (BIS) on Tuesday.
Dr Rajan was appointed to a three-year term, India's central bank said in a statement. He first joined the BIS board of directors in December 2013.
He will work with BIS Chairman Jens Weidmann, who is also president of Germany's Bundesbank.
Last month, Dr Rajan called on emerging markets to have a greater voice in global debates.
He has also called on the International Monetary Fund (IMF) to play an active role in questioning the monetary stimulus policies of developed economies that significantly impact the global economy.
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