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Original article: Gobierno propone a Kevin Cowan para reemplazar a Griffith-Jones en el Banco Central

The Government announced that President Gabriel Boric has nominated economist Kevin Cowan as the new counsel for the Central Bank, succeeding Stephany Griffith-Jones, whose departure is scheduled for December 24. This nomination follows the procedures established by the Central Bank’s organic law, which requires prior approval from the Senate before the corresponding decree can be issued.

Kevin Cowan is widely recognized for his technical profile and his closeness to center-left sectors, despite lacking party affiliation. The economist has an extensive background associated with the public sector, international organizations, and the Central Bank itself. 

Moreover, Cowan holds a business engineering degree from the Catholic University and a Ph.D. in Economics from the Massachusetts Institute of Technology. Throughout his career, he has served as an advisor to the Ministry of Finance under various administrations, managed Financial Policy at the Central Bank, represented Chile and Ecuador at the Inter-American Development Bank, and has been a commissioner and later vice president of the Financial Market Commission, in addition to being an academic at the Adolfo Ibáñez University.

In parallel, he has chaired the Financial Committee that guides the investment strategy of sovereign funds and maintains a notable academic record in macroeconomic and financial topics.

Following the public announcement of his nomination, Cowan expressed his gratitude to President Boric and Minister Nicolás Grau for their trust and emphasized the significance of the role for the economy and the financial system. 

From the Ministry of Finance, Grau highlighted that Cowan combines experience, knowledge of the Central Bank, and a professional history that —as he stated— makes him a valuable asset for the country’s macroeconomic stability.

In an interview with El Ciudadano, economist Fernando Carmona stated: 

“I believe the name sent to the Senate meets the criteria of professional capability required, strengthens the Central Bank as a technical institution, and is likely to clear the way in the Senate, making it a successful proposal in an always challenging scenario for this government. Professionally, he is more than qualified.” 

Additionally, Carmona noted that anticipating Cowan’s position is not straightforward. He explained that while Griffith-Jones tended to prioritize growth and advocated for more moderate cuts in the monetary policy rate, Cowan is likely to align more with Claudio Soto, whose experience in the Ministry of Finance is similar.

For now, the process will continue with the presidential letter being sent to the Senate. Following that, Cowan must present before the Finance Commission and respond to lawmakers’ inquiries, a step prior to the vote in the chamber. If he receives a simple majority of support, he will be officially appointed and join the council led by Rosanna Costa, alongside Luis Felipe Céspedes, Alberto Naudon, and Claudio Soto.

La entrada Government Nominates Kevin Cowan to Replace Griffith-Jones on Central Bank Board se publicó primero en El Ciudadano.