The Bank for International Settlements is the world’s oldest center of finance for countries all over the world. Established in 1930, it has now become the core of international operations for central banks. Its founding follows the authority of the Treaty of Versailles to recompense for damages and needs in Germany after World War I. The responsibility of BIS during that time was to accumulate the funds needed, oversee appropriations for these funds, and finally distributing calculated funds in the form of reparations or reimbursements.
Other functions held by BIS were to secure loans for Dawes and Young Loans that were intended to provide for reparations. (BIS)
The role of BIS changed through time as handling reparations became least of the company’s concerns. BIS started to concentrate on urging central banks to work together, as well as to build partnership programs with other agencies and organizations that are searching for assistance in monetary or financial terms. Due to the rising issues and concerns that BIS should address regarding central banks and agencies who seek financial stability, the company concentrated on gaining in depth knowledge about the economics of finance through research and acquisition of facts and figures that are informative in determining economic and financial trends.
(BIS)
Since then, the BIS has been actively involved in crises issues throughout the years such as the crises in oil and international debts in the 1970’s and 80’s, post-World War II, the issues surrounding the Bretton Woods System, the Basel Capital Accord, the harbored effects and conditions brought about by integration in terms of economy, and globalization as indicators of crisis in Asian territories, and the shifts, changes and conversions, brought about by the European Monetary System as a need.
Apart from these functions and assistance programs, BIS remained to integrate functions and responsibilities of central banks and included the accumulation of emergency funds to support the monetary system of the world if deemed necessary in the future. BIS has assisted several banks and countries as it pushed to finance several banks in Austria and Germany, and alleviate finances in the Mexican and Brazilian territories. (BIS)
Works Cited
BIS. (2008). “BIS History – Overview.” Retrieved May 4, 2008, from Bank for International
Settlements. Website: http://www.bis.org/about/history.htm
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