Washington, Nov 27 (IANS) Randal Quarles, a governor of the U.S. Federal Reserve, was on Monday appointed as the next chair of the Financial Stability Board (FSB) for a three-year term beginning next month.
Quarles, also vice chairman for supervision at the Fed, will succeed Mark Carney, the Bank of England governor, on Dec. 2 to lead the international financial regulatory body, the FSB said in a statement, Xinhua news agency reported.
The FSB, established in 2009 by the world’s top 20 economies in response to the global financial crisis, is tasked with monitoring the international financial system and making recommendations to the Group of 20 (G20) on financial regulations.
“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,” Quarles said in the statement.
“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,” he said.
The FSB’s plenary also decided that Klaas Knot, president of the Dutch central bank, will serve as vice chair of the FSB for a three-year term starting December 2018, and then take over as chair of the FSB for the next three-year term starting December 2021.
“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,” said Carney, who has chaired the body since 2011.
“Their appointment demonstrates the FSB’s unique role as a member-led, international body for cooperation on global financial stability,” he added.