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CENTRAL BANK.

Bank for International Settlements (B.I.S.). An institution, with head offices in Basle, set up on the basis of a proposal by the Young Committee in 1930. The original purpose was to enable the various national central banks to coordinate through their own central bank the receipts and payments arising mainly from German war reparations. It was hoped, however, that it would develop beyond this, but many of the functions which it might have performed were in fact taken over by the international monetary fund after the Second World War. Since then the B.I.S. has acted like a bank for the central banks by accepting deposits and making short-term loans. It has, however, in recent years played a more active part in attempting to mitigate the effects of international financial speculation and acts as a trustee for international government loans. In addition the bank has carried out financial transactions for the organization

FOR EUROPEAN ECONOMIC COOPERATION, ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT, EUROPEAN PAYMENTS UNION, EUROPEAN MONETARY AGREEMENT,

european coal and steel community and the I.M.F. Although the major functions of a central bank for central banks are performed by the I.M.F., the monthly meetings of the directors of the B.I.S. held in Basle have been a useful means of central-bank cooperation, especially in the field of offsetting short-term monetary movements of a speculative kind. The board is made up of the representatives of the central banks of the U.K., France, West Germany, Belgium, Italy, Switzerland, the Netherlands and Sweden. Other countries’ repre-

Bank-note sentatives, e.g. from the U.S., Canada and Japan, attend meetings regularly, however.Brusselsconference; european.

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