Severity: Warning
Message: fopen(/tmp/ci_sessionfe29fdf7ecf0b7ef2f82daad7a8e43d718c9c610): Failed to open stream: Disk quota exceeded
Filename: drivers/Session_files_driver.php
Line Number: 172
Backtrace:
File: /home/asianban/public_html/bankquality/2019/application/controllers/Page.php
Line: 11
Function: __construct
File: /home/asianban/public_html/bankquality/2019/index.php
Line: 315
Function: require_once
Severity: Warning
Message: session_start(): Failed to read session data: user (path: /tmp)
Filename: Session/Session.php
Line Number: 143
Backtrace:
File: /home/asianban/public_html/bankquality/2019/application/controllers/Page.php
Line: 11
Function: __construct
File: /home/asianban/public_html/bankquality/2019/index.php
Line: 315
Function: require_once
Amid growing financial uncertainty, the Financial Stability Board’s (FSB) latest appointments reinforce its commitment to stability and resilience by strengthening risk assessment and crisis management under experienced leadership.
FSB appoints seasoned experts to critical roles, ensuring a proactive approach to financial oversight.
FSB monitors risks, sets global standards and coordinates policies to prevent financial crises.
Safeguarding markets through decisive action strengthens global financial stability.
The Financial Stability Board (FSB) has appointed new chairs for two crucial committees, reinforcing its efforts to address financial vulnerabilities and enhance global resolution frameworks.
The appointments mark a strategic move by the FSB to strengthen financial oversight and crisis management, enhancing its ability to mitigate risks and ensure global financial stability.
New leadership for key FSB committees
Tiff Macklem, governor of the Bank of Canada, will chair the Standing Committee on Assessment of Vulnerabilities (SCAV) from 4 March 2025. SCAV plays a critical role in identifying and assessing financial vulnerabilities worldwide, recommending measures to mitigate risks and strengthen systemic resilience.
Macklem's long experience in financial regulation and leadership makes him well-suited for the role. His appointment comes at a crucial time, as global financial weaknesses remain a concern following the banking instability of 2023.
Dominique Laboureix, chair of the Single Resolution Board, has been named the new chairperson of the Resolution Steering Group (ReSG). The group is responsible for developing global frameworks for the recovery and resolution of systemically significant financial institutions.
Laboureix's appointment comes at a pivotal moment, as the need for robust resolution regimes has never been greater. His leadership is expected to drive the FSB’s efforts in ensuring financial institutions are better prepared for potential crises through enhanced recovery strategies.
The role of the FSB in financial stability
The FSB’s work remains crucial as the global financial landscape continues to evolve. These appointments reflect the FSB’s commitment to addressing vulnerabilities and ensuring the stability of the financial system worldwide.
Klaas Knot, FSB chair, emphasised the importance of these roles, noting that the global financial system’s stability depends on swift action and expert leadership. He also thanked the outgoing chairs, Nellie Liang and Martin J. Gruenberg, for their invaluable contributions.
Both new appointments are for a two-year term, renewable once. With Macklem and Laboureix taking the helm, the FSB’s efforts to address financial vulnerabilities and enhance global resolution frameworks are set to continue on a steady course.