Fed's Quarles takes FSB helm, succeeding Carney

Economy | Politics | World 11/26/2018, 5:29 PM
Fed's Quarles takes FSB helm, succeeding Carney

The Financial Stability Board, international body founded in 2009, named Randal Quarles (pictured) as its next head. A governor in the United States Federal Reserve, he is getting another role and replacing Mark Carney, governor of the Bank of England.

The institution's plenary decided to appoint Klaas Knot, president of the central bank of the Netherlands, to be vice chair, also for a three-year term. Both officials, supported unanimously after a recommendation from a special panel, are scheduled to assume duty on December 2. Knot was selected to be the next FSB chairman, from late 2021. Carney highlighted the value of continuity in reforms after the global crisis, and cited "emerging vulnerabilities" around the world.

"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," Quarles said.

Breaking the News / IT