(April 7): Bank of England (BOE) governor Andrew Bailey won unanimous backing for his nomination to lead the Financial Stability Board (FSB) after incumbent chair Klaas Knot leaves. 

The appointment will be formalised 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.

“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.”

The FSB was founded in 2009 to foster global consensus around the policies that safeguard the financial system. Bloomberg had previously reported that Bailey, 66, was the frontrunner for the role.

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