Left Menu
Development News Edition

U.S. Fed's Quarles appointed next chair of Financial Stability Board

IANS | Washington DC | Updated: 27-11-2018 00:58 IST | Created: 27-11-2018 00:58 IST
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.


TRENDING

OPINION / BLOG / INTERVIEW

How UK’s 'best prepared' healthcare system failed to gauge COVID-19

The UK is proud of their public health system and its unlike any other country as around 90 percent of British public supports the founding principles of National Health Service. But without accurate data being available to stakeholders in ...

Poor on IHR capacity progress in 2019, WHO says Cambodia tops COVID-19 response

Despite being in proximity to Hubei, the original epicenter of COVID-19 pandemic, Cambodia has reported just 226 confirmed cases and zero deaths. After seeing the data, WHO appreciated Cambodias healthcare information system but experts dou...

Loopholes in Healthcare Information System may have failed Singapore COVID-19 model

In the initial days of the COVID-19 outbreak, Singapore was in the limelight for its effective healthcare system and pandemic response plan. However, Singapore has now joined the list of the worst-hit nations and the situation is even worse...

Australia's COVID-19 response: Digital infrastructure of help but implementation remains a challenge

Australias ongoing plans to upgrade its health information system helped by the Digital Health Strategy seem even more practical due to the pandemic. But as evident during the pandemic, administrative lapses and the complex matrix of power ...

Videos

Latest News

Avs try to snap skid vs. Stars in round robin

Both teams are securely in the playoffs and not fighting for survival, but Wednesdays round-robin seeding game in Edmonton means plenty for the Colorado Avalanche and Dallas Stars. The situation is more desperate for Dallas, which blew a tw...

Virgin Atlantic Airways seeks U.S. Chapter 15 bankruptcy protection

Virgin Atlantic Airways Ltd is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, which allows a foreign debtor to shield assets in this country, according to a court filing on Tuesday. Virg...

Novavax coronavirus vaccine induces immune response in early study, shares jump

Novavax Inc said on Tuesday its experimental COVID-19 vaccine produced high levels of antibodies against the novel coronavirus, according to initial data from a small, early-stage clinical trial, sending the companys shares up 10. The compa...

White House seeks deal this week with congressional Democrats on coronavirus bill

White House negotiators on Tuesday vowed to work around the clock with congressional Democrats to try to reach a deal on coronavirus relief by the end of this week, as the pandemic takes a heavy toll on American life. Following an afternoon...

Give Feedback