Turnaround in the economy
According to the DNB business cycle indicator, the low point of the economic cycle has been reached, after which economic growth will pick up gradually and at a moderate pace this year.
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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.
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.
According to the DNB business cycle indicator, the low point of the economic cycle has been reached, after which economic growth will pick up gradually and at a moderate pace this year.
Read moreIn the fourth quarter of 2023, foreign multinationals transferred over €300 billion in conduit activities from the Netherlands abroad. These relocations indicate adjustments in business structures, and may be due to the introduction this year of a minimum tax for these international companies.
Read moreAfter the ECB's balance sheet grew substantially for years as a result of its government bond purchases and lending operations, it has been shrinking again for the past year and a half. This has consequences for the implementation of monetary policy.
Read moreThe Dutch economy is strong and resilient, but not everyone in the Netherlands experiences it that way. Many people are struggling financially or have concerns about their future. The Netherlands should therefore strive for a highly developed and finely tuned economy that works better for everyone.
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