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Lessons from the 90th Anniversary of the Bank for International Settlements. How to remain central in a changing environment
[Leçons pour les 90 ans de la Banque des règlements internationaux. Comment rester central dans un environnement mouvant]

Author

Listed:
  • Salez Paul
  • Jeudy Bruno-Philippe

Abstract

A bold creation and the first international financial institution, the Bank for International Settlements (BIS) was originally responsible for settling financial disputes arising from World War I. It managed to survive its outdated initial mission, thereby providing a number of lessons for the international financial community. Through far-reaching changes in its missions as well as its governance and shareholding structure, it has adapted to the world’s economic, financial, technological and geopolitical developments, and today occupies an important and unique place in the international financial architecture, alongside political authorities. On the occasion of its 90th anniversary, it is interesting to look back over its history, which reflects world economic history, and the issues and challenges it faces today, from the economic response to the Covid-19 pandemic to the development of public policies addressing the major climate, technological, digital, monetary and financial issues of tomorrow’s world. Création audacieuse et première institution financière internationale, chargée à l’origine du règlement des contentieux financiers issus de la Première Guerre mondiale, la BRI a survécu à l’obsolescence de sa mission initiale, ce qui est source d’enseignements. Par des évolutions profondes de ses missions comme de sa gouvernance et de son actionnariat, elle s’est adaptée aux mutations économiques, financières, technologiques, géopolitiques du monde, pour occuper aujourd’hui dans l’architecture financière internationale une place importante, mais singulière pour la communauté internationale, en marge des organes politiques. À l’occasion de ses 90 ans, il est intéressant de revenir sur son histoire, reflet de l’histoire économique mondiale, et sur les enjeux et défis auxquels elle est aujourd’hui confrontée, de la réponse économique à la pandémie de Covid 19 à l’élaboration de politiques publiques adaptées aux principaux enjeux climatiques, technologiques, numériques, monétaires et financiers du monde de demain.

Suggested Citation

  • Salez Paul & Jeudy Bruno-Philippe, 2020. "Lessons from the 90th Anniversary of the Bank for International Settlements. How to remain central in a changing environment [Leçons pour les 90 ans de la Banque des règlements internationaux. Comment rester central dans un environnement mouvant]," Bulletin de la Banque de France, Banque de France, issue 232.
    • Handle: RePEc:bfr:bullbf:2020:232:02
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    References listed on IDEAS

    as
    1. Patrick Bolton & Morgan Despres & Luiz Awazu Pereira da Silva & Frédéric Samama & Romain Svartzman, 2020. "The green swan," BIS Books, Bank for International Settlements, number 31.
    2. Patrick Bolton Patrick & Després Morgan & Pereira da Silva Luiz Awazu & Samama Frédéric & Svartzman Romain, 2020. "“Green Swans”: central banks in the age of climate-related risks [Le « Cygne Vert » : les banques centrales à l’ère des risques climatiques]," Bulletin de la Banque de France, Banque de France, issue 229.
    Full references (including those not matched with items on IDEAS)

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