The Bank of England (BoE) appointed Michael Saunders as an external member on its Monetary Policy Committee (MPC), the central bank said in a statement on its website. Saunders will replace Martin Weale, whose term ends on August 8.

Saunders is a managing director and head of European economics at Citigroup.

"He brings first-rate knowledge of the UK economy and a wealth of economic and financial experience," the BoE Governor Mark Carney said about Saunders.