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02 December 2021 General
Klaas Knot

(c) DNB

Klaas Knot, President of De Nederlandsche Bank (DNB), today has taken office as Financial Stability Board (FSB) Chair. He has been serving as FSB Vice Chair before taking office.

Klaas succeeds Randal K. Quarles, Governor of the US Federal Reserve. Klaas Knot’s term as FSB Chair runs from 2 December 2021 until 1 December 2024.

Klaas Knot said: "I look forward to continuing the important work of the FSB as the financial system is undergoing major changes and is facing the consequences of the global pandemic. Almost all financial stability risks are of an international nature, and the FSB, with its global membership and unique expertise, is uniquely placed to address them. The Netherlands - with its open economy and large financial sector - also benefits greatly from the work of the FSB."

Klaas Knot will chair the FSB alongside his duties as President of De Nederlandsche Bank.

Financial Stability Board (FSB)

The FSB is an international consultative body established in 2009 with the task of promoting the stability of the global financial system. It identifies financial stability risks and coordinates the creation and implementation of international regulations for the financial sector. Its members are financial authorities from 24 countries and jurisdictions, as well as international organisations that include the International Monetary Fund (IMF) and the Basel Committee of Banking Supervisors (BCBS). De Nederlandsche Bank and the Ministry of Finance are also represented. The FSB Secretariat is located in Basel, Switzerland, and hosted by the Bank for International Settlements (BIS).

For further information on the FSB, visit the FSB website.