FSB Promotes Klaas Knot to Chair

(Source: LinkedIn)

Financial Stability Board (FSB), an international body that monitors and makes recommendations about the global financial system, announced the promotion of Klaas Knot to FSB Chair, succeeding Randal K. Quarles.

Prior to his new role, Klaas has served FSB as Vice Chair and Chair of its Standing Committee on Assessment of Vulnerabilities (SCAV) in 2018. 

Klaas has been President of De Nederlandsche Bank (DNB) since July 2011 and was reappointed for a second seven-year term as President of DNB in July 2018. In his capacity as DNB President, he is a member of the Governing Council of the European Central Bank, Governor of the International Monetary Fund, and member of the Board of Directors of the Bank for International Settlements and of the European Systemic Risk Board. 

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.

In October, Fazzaco reported that FSB has appointed the chairs​ of two of its Standing Committees and the Resolution Steering Group.