Klaas Knot has taken office as Financial Stability Board (FSB) Chair, succeeding Randal K. Quarles. Mr. Knot is President of De Nederlandsche Bank (DNB). Prior to his appointment as Chair, Mr. Knot had been serving as FSB Vice Chair and Chair of the FSB’s Standing Committee on Assessment of Vulnerabilities (SCAV). FSB Plenary members, in their final meeting under Randal Quarles’ leadership on 18 November, expressed their gratitude to Randal Quarles for his leadership and commitment in chairing the FSB during the past three years, and looked forward to working with Klaas Knot.
Randal K. Quarles said “It has been an honour to serve as FSB Chair these last three years and to lead this important global organisation during such a critical time. During the COVID Event, the FSB has proven its effectiveness as a mechanism to further global financial stability and support swift recovery. Our members, and the partnerships we have built, remain our greatest asset. As Klaas takes over from me, I know that I leave the FSB in safe hands.”
Klaas Knot added: “Under Randy’s leadership, the FSB demonstrated its vital role as a coordinating mechanism for financial authorities in the global response to COVID-19. I look forward to continuing the important work of the FSB at a time when the financial system is confronted by both structural changes and the need to provide financing to sustain a balanced economic recovery. The FSB, with its broad membership and diverse expertise, is uniquely placed to oversee further enhancements to the resilience and functioning of the financial system at this critical juncture.”
Source: FSB
