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Bank for International Settlements
The Bank for International Settlements (BIS) is an international financial institution which is owned by member central banks. Its primary goal is to foster international monetary and financial cooperation while serving as a bank for central banks. With its establishment in 1930 it is the oldest international financial institution. Its initial purpose was to oversee the settlement of World War I war reparations.
The BIS carries out its work through its meetings, programmes and through the Basel Process, hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations.
The BIS is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.
International monetary cooperation started to develop tentatively in the course of the 19th century. An early case was a £400,000 loan in gold coins, in 1825 and facilitated by the Rothschilds, from the Bank of France to the Bank of England, which was facing a bank run. The Bank of England again borrowed from its French counterpart (and from the Hamburger Bank) in 1836 and 1839, and lent to it in return in 1847.
In 1860–1861, because of the disruption from the incipient American Civil War, the Bank of France entered a series of swap agreements in specie with the Bank of England as well as the State Bank of the Russian Empire and De Nederlandsche Bank. That episode was recorded as the "war of the banks", ostensibly because of friction between the Bank of France and the Bank of England about the transaction.
A few years later, monetary cooperation took a novel form with a series of international monetary conferences devoted to better coordination of the coinage system, even though these initiatives, like the Latin Monetary Union started in 1865, did not extend to money other than coins, and therefore involved treasury and mint officials rather than bankers.
At the Brussels Conference in 1892, German academic Julius Wolff submitted a blueprint for an international currency that would be used for emergency lending to national central banks and would be issued by an institution based in a neutral country. In 1893, French economist Raphaël-Georges Lévy suggested the establishment of an international central bank in Bern.
In 1907, Italian statesman Luigi Luzzatti published an article in the Austrian Neue Freie Presse, referencing past examples of bilateral cooperation between central banks and emphasizing the need for more institutionalized cooperation at the international level.
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Bank for International Settlements
The Bank for International Settlements (BIS) is an international financial institution which is owned by member central banks. Its primary goal is to foster international monetary and financial cooperation while serving as a bank for central banks. With its establishment in 1930 it is the oldest international financial institution. Its initial purpose was to oversee the settlement of World War I war reparations.
The BIS carries out its work through its meetings, programmes and through the Basel Process, hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations.
The BIS is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.
International monetary cooperation started to develop tentatively in the course of the 19th century. An early case was a £400,000 loan in gold coins, in 1825 and facilitated by the Rothschilds, from the Bank of France to the Bank of England, which was facing a bank run. The Bank of England again borrowed from its French counterpart (and from the Hamburger Bank) in 1836 and 1839, and lent to it in return in 1847.
In 1860–1861, because of the disruption from the incipient American Civil War, the Bank of France entered a series of swap agreements in specie with the Bank of England as well as the State Bank of the Russian Empire and De Nederlandsche Bank. That episode was recorded as the "war of the banks", ostensibly because of friction between the Bank of France and the Bank of England about the transaction.
A few years later, monetary cooperation took a novel form with a series of international monetary conferences devoted to better coordination of the coinage system, even though these initiatives, like the Latin Monetary Union started in 1865, did not extend to money other than coins, and therefore involved treasury and mint officials rather than bankers.
At the Brussels Conference in 1892, German academic Julius Wolff submitted a blueprint for an international currency that would be used for emergency lending to national central banks and would be issued by an institution based in a neutral country. In 1893, French economist Raphaël-Georges Lévy suggested the establishment of an international central bank in Bern.
In 1907, Italian statesman Luigi Luzzatti published an article in the Austrian Neue Freie Presse, referencing past examples of bilateral cooperation between central banks and emphasizing the need for more institutionalized cooperation at the international level.
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