Klaas Knot: The future agenda for financial sector reforms; financial stability and regulatory developments for the financial industry

Speech by Mr Klaas Knot, President of the Netherlands Bank, at the Spring Meeting of the International Monetary Fund, Institute of International Finance, Washington DC, 11 April 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

During the last two years, there have been numerous seminars, speeches and roundtables to mark the ten year anniversary of the financial crisis. These events began in the summer of 2017 by recalling the first signs of stress in 2007 at Bear Stearns, BNP Paribas and Northern Rock. Last year saw reflections on the historic collapse of Lehman Brothers on 15 September 2008 and on the financial panic in the months that followed. The most recent 10-year landmark looked back on the G20 London Summit on 2 April 2009. This Summit marked the beginning of the global financial reform program and the regulatory response to the crisis.

The same summit in London also resulted in the creation of the Financial Stability Board. The FSB replaced the Financial Stability Forum. It received a stronger mandate, broader membership and enhanced capacity to monitor and promote global financial stability. An honourable task that is now taken forward under the leadership of my colleague Randy Quarles of the Board of Governors of the Federal Reserve System here in Washington DC.