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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