The Financial Stability Board (FSB) has named Randal Quarles, governor and vice chairman for supervision at the US Federal Reserve, as its new chair. In addition the FSB appointed Klaas Knot, president of De Nederlandsche Bank as vice chair. Both men have been appointed for a three-year term starting on 2 December 2018. 

The FSB’s Plenary, which made the appointment, also agreed that after three years on 2 December 2021 Knot will take over as chair for the next three-year term.

Plenary members unanimously welcomed these appointments, FSB says, which were made at the recommendation of a specially constituted Nominations Committee.

Quarles takes over from Bank of England governor Mark Carney, who has led the FSB for the past seven years. 

“It has been an honour to serve these last seven years,” says Carney. “I would like to commend the dedication and professionalism of the FSB Secretariat, and the commitment and wisdom of my fellow policymakers. Randy and Klaas will provide strong leadership and continuity as the FSB pivots towards the implementation and evaluation of post-crisis reforms, and to addressing emerging vulnerabilities in the global financial system. Their appointment demonstrates the FSB’s unique role as a member-led, international body for cooperation on global financial stability.”

Quarles adds, “Under Mark’s leadership, the FSB has played a central coordinating role in building a resilient global financial system in the aftermath of the financial crisis. Ten years on, the FSB’s work remains just as relevant. With its broad membership, it is uniquely placed to promote resilience and preserve an open and integrated global financial system in the future. I look forward to working with Klaas and all FSB members towards this goal.”

Meanwhile, Knot, who will continue to serve as chair of the FSB’s Standing Committee on Assessment of Vulnerabilities (SCAV), says, “I look forward to working with Randy and the FSB membership in promoting global financial stability through rigorous implementation of agreed reforms, and by addressing emerging vulnerabilities in the financial system.”

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Colin Lambert

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