Makhlouf’s nomination follows an international process, which included an executive search by Merc Partners to approach potential candidates on a global scale throughout Europe, America, and Australasia.
Mr Makhlouf was the interview panel’s recommended candidate.
Commenting on the nomination, Minister for Finance Pascal Donohoe said: ‘I am delighted to nominate a person of Gabriel Makhlouf’s international calibre for appointment as Governor of our Central Bank. Gabriel has demonstrated his broad and detailed knowledge, of economics, financial markets, monetary policy, and fiscal policy, and has the experience of leading a large and complex public service organisation of 10,000 people (Her Majesty's Revenue and Customs’ Debt Management & Banking Directorate). Previously he was Chair of the world’s main tax rule-making body – the Committee on Fiscal Affairs – at the OECD in Paris and was also responsible for the UK’s Government Banking Service. As Treasury Secretary and Chief Executive of the New Zealand Treasury, he is currently responsible for overseeing reforms of New Zealand’s three macroeconomic pillars (monetary policy, financial stability and fiscal policy), and is an observer on the Reserve Bank of New Zealand’s monetary policy committee. He is a leader of the diversity and inclusion agenda in New Zealand’s public and private sectors. He will bring with him this wealth of experience to the role of Governor’.
It is intended that Mr Makhlouf will take up the role of Governor in September 2019. Gabriel Makhlouf has been Secretary to the New Zealand Treasury – and its Chief Executive – since June 2011. He is the New Zealand Government’s chief economic, financial and regulatory adviser, providing advice on the Government’s overarching economic framework, on its fiscal strategy and on achieving value for money from its investments.
He has been responsible for the development of a new framework for economic and fiscal policy-making and is currently overseeing reforms of New Zealand’s three macroeconomic ‘pillars’ (monetary policy, financial stability and fiscal policy). He is a leader of the diversity and inclusion agenda in NZ’s public and private sectors.
Mr Makhlouf's career was previously in the UK civil service where his responsibilities ranged from the leadership of large-scale, public-facing delivery organisations of up to 10,000 people (Her Majesty's Revenue and Customs’ Debt Management & Banking Directorate) through to policy development on domestic and international issues. He was Chair of the world’s main tax rule-making body – the Committee on Fiscal Affairs – at the OECD in Paris and was also responsible for the UK’s Government Banking Service.
He is not available to take up the position until 1st September 2019. However, the current Governor will be taking up his new role at the ECB Executive Board on 1 June 2019. Therefore, it will be necessary for the Central Bank Commission to appoint a temporary Acting Governor in the interim.