Jaime Caruana made the comments following the organisationâs annual general meeting (AGM) and publication of its annual report.
He outlined three challenges to the current âfragile economic and financial environmentâ which need to be tackled to ensure the long-term success of the international recovery.
Concerns include reducing the deficits in more advanced economies, making âbehavioural changesâ within the financial industry and finalising global agreements surrounding regulatory reform.
Mr Caruana explained: âEarly effective action to meet these three challenges would strengthen confidence and help put the financial crisis behind us.
"Fiscal consolidation in several countries, the plan to publish stress tests for European banks and the support of the G20 for the regulatory reform agenda are all important steps forward.â
The AGM was held in Basel in Switzerland with Ben Bernanke, chairman of US Federal Reserve and Jean-Claude Trichet, president of the European Central Bank among the board members in attendance.
By Jim Ottewill