![]() ![]() In the war's immediate aftermath, Dutch central banker Gerard Vissering advocated an international currency without reliance of a common gold pool. Similar formal agreements were made that year between the two banks and the Federal Reserve Bank of New York, and in 1917 the Bank of Italy opened an office in New York. In 1916, the Bank of England and Bank of France made agreements on bilateral lending and established a direct telegraph line between their respective offices to facilitate communication. The practice of formalized central bank cooperation made unprecedented advances among allies in the course of World War I. 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. In 1893, French economist Raphaël-Georges Lévy suggested to establish an international central bank in Berne. ![]() 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. International monetary cooperation started to develop tentatively in the second half of the 19th century, when a series of international conferences were devoted to the organization of the European monetary system beyond individual countries. Young played a central role in the conception and establishment of the BIS in 1929-1930Ĭentral bankers Montagu Norman (for the UK) and Hjalmar Schacht (for Germany) were influential in the BIS during the late Interwar period Background History Early-20th-century former building of Hôtel de l'Univers at Centralbahnstrasse 7 in Basel, the seat of the BIS from 1930 to 1977 American banker Owen D. The BIS is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City. It also provides banking services, but only to central banks and other international organizations. 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. With its establishment in 1929, its initial purpose was to oversee the settlement of World War I war reparations. ![]() Its primary goal is to foster international monetary and financial cooperation while serving as a bank for central banks. The Bank for International Settlements ( BIS) is an international financial institution which is owned by member central banks. ![]()
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