The Treasury has appointed Sir Jon Cunliffe as new deputy governor, replacing Paul Tucker.
Mr Tucker is due to leave the Bank in the autumn to take up an academia position at Harvard University.
Mr Cunliffe is currently working as UK Permanent Representative to the EU covering negotiations on the banking union and financial services cases.
Prior to this he worked as the Prime Minister's adviser on Europe and global economic issues from 2007-2011.
He will join the Bank of England on 1 November for a five-year term and also have responsibility for financial stability.
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Within this he will sit on the Bank's Court of Directors, Financial Policy Committee, Monetary Policy Committee and the board of the Prudential Regulatory Authority.
Chancellor George Osborne said: "With his extensive experience in economic and financial policy and very strong record at the highest levels of government in this country and internationally, Sir Jon Cunliffe will be an outstanding Deputy Governor of the Bank of England.
"Sir Jon will be instrumental in ensuring the success of the Bank's enhanced responsibilities in financial stability. His deep experience in engaging with the EU will be instrumental in ensuring Britain's financial services are well represented and protected."

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