Clare Lombardelli was appointed as deputy governor for monetary policy at the Bank of England, effective July 1 and for a five-year term.
Lombardelli's appointment was announced by Chancellor of the Exchequer Jeremy Hunt in a news release. The role has been approved by King Charles III.
She will succeed Ben Broadbent, who has held the role at the U.K.'s central bank since 2014.
Lombardelli will oversee the formulation and implementation of U.K. monetary policy, as well as leading the bank's research, data and analytics. She will be a member of the monetary policy committee, which sets policy to achieve the bank's 2% inflation target; will be a member of the financial policy committee, which leads the bank's work on financial stability; will join the Court of the Bank of England, which sets the bank's budget, strategy and makes key decisions on resourcing and appointments; and will also be part of the executive team that is tasked with running the bank to deliver its statutory objectives.
In her new role, Lombardelli will also lead the actions in response to a review of the bank's forecasting process, which was assigned to former Federal Research Chair Ben Bernanke last year.
"Clare brings significant experience to the role tackling financial and economic issues both domestically and internationally," Hunt said in the release. "I would like to thank Ben for his decade of service as deputy governor of monetary policy at the Bank of England. Ben has played a vital role in helping the bank maintain monetary and financial stability and I wish him the best in the next stage of his career."
Lombardelli is the chief economist of the Organisation for Economic Cooperation and Development, responsible for economic research and forecasting, analysis of OECD member and partner countries, and representative of the organization at the Group of 20, G7 and other international bodies.
An OECD new release said Alvaro Santos Pereira has been appointed as the next chief economist of the OECD, effective June 1. He has been director of the policy studies branch of the OECD's economics department since October.
