The global finance system’s top regulator has urged officials to “learn lessons” from the recent banking turmoil, saying the latest stresses were a reminder that financial stability is “not merely an abstract concept”.
Klaas Knot, chair of the Financial Stability Board, wrote in a letter published on Wednesday that the need to tighten rules in response to the panic was “all the greater” because, unlike other recent shocks to the global economy, such as the war in Ukraine and the coronavirus pandemic, “this latest episode had its origins within the financial system”.
Knot, who is also president of the Dutch central bank, called out “bank prudential and resolution frameworks” as one area of policy work, without giving further details.
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