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Part III Developments at the International Level, 12 History of International Monetary Cooperation

Rosa María Lastra

From: International Financial and Monetary Law (2nd Edition)

Rosa Lastra

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 01 February 2023

Bank for International Settlement (BIS) — International financial system — Monetary system — Monetary obligations — International Monetary Fund (IMF)
Perhaps the most difficult question is how much to decide by rule and how much to leave to discretion. John Maynard Keynes, ‘Proposals for an International Currency (Clearing) Union’, 1942 12.01 Central bank cooperation on a bilateral and multilateral basis already existed in the nineteenth and early twentieth centuries.1 The Bank for International Settlements (BIS) (the oldest international financial institution) was established in 1930 in the context of the German reparations after the First World War, to act as a centre for central bank cooperation. However,...
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