The Institute of International Finance (IIF) today conveyed its congratulations to Klaas Knot, President of De Nederlandsche Bank, on his appointment as Chairman of the Financial Stability Board (FSB). The IIF reiterated the critical role of the FSB to coordinate national authorities and international standard-setters to promote the overall stability of the global financial system. Since the onset of the COVID-19 pandemic, the FSB has also played an especially important role in coordinating and encouraging policymakers across the world to act swiftly, proactively, and consistently to shore up their economies and financial systems. This has been complemented by a robust collaboration between the regulatory community and the financial industry to help mitigate the economic fallout from the crisis and ensuring that the financial sector continues to support its clients and the global economy.
The letter also included priority topics where the IIF believes there is a unique opportunity for the FSB to play a key role going forward in promoting effective and pragmatic common global standards, and in fostering consistency and collaboration among global standard-setting bodies and member jurisdictions. These topics include: addressing market fragmentation; Non-bank financial intermediation; Digital currencies, stablecoins, and cross-border payments; Climate change and sustainable finance; and, cyber risk and operational resilience.