Bank of England Gov. Andrew Bailey won unanimous backing for his nomination to lead the Financial Stability Board after incumbent Chair Klaas Knot leaves.
The appointment will be formalized in June, before the start of his three-year term on July 1, according to an emailed statement from the Basel-based global finance watchdog. Bailey’s appointment comes at a fraught time for global policy making with President Donald Trump’s latest round of tariffs injecting
“It is at times like this that the stability of the financial system is put to the test,” Bailey said in the statement. “The global financial crisis underscored the importance of addressing challenges collectively and strengthening the multilateral system. The FSB exemplifies this approach.”
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Bailey first joined the Bank of England in 1985 and became governor in 2020. He spent almost four years as head of the U.K.’s Financial Conduct Authority and has also been on the FSB plenary since 2018.
Even before Trump’s interventions, policymakers have argued that the need for cohesive global action remains high, as new threats mount in areas outside the banking sector and the rise of borderless cryptocurrencies spawn new risks. The United Kingdom, meanwhile, has been looking to play a bigger role in international regulatory debates since Brexit locked it out of EU deliberations.