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DictionarySeebisBank for International Settlements
Bank for International Settlements (BIS), international financial institution est. (1930) in Basel, Switzerland, by bankers and diplomats from Europe, the United States, and Japan. It was originally set up to facilitate Germany's World War I reparation payments (a purpose that was soon abandoned). After World War II, BIS directors were accused of having helped to sell assests obtained illegally by the Nazis from occupied countries, but efforts to scrap the bank failed. The BIS later facilitated Marshall PlanMarshall Plan
or European Recovery Program,
project instituted at the Paris Economic Conference (July, 1947) to foster economic recovery in certain European countries after World War II. The Marshall Plan took form when U.S. Secretary of State George C.
..... Click the link for more information. payments (1947 on), acted for the Organization for European Economic Cooperation (1950–58), and helped establish the European monetary union (1960s on). Today its purpose is to serve central banks in their search for financial and monetary stability, to foster international monetary and financial cooperation, and to act as a bank for its members, which consist of 60 central banks and monetary authorities (including the European Central Bank). The BIS is a limited-share company and an international organization, not accountable to any nation but answerable to international law. The BIS promotes discussion and collaboration among central banks, conducts research on matters relating to central banks, acts as a counterparty for central banks in their financial operations, and serves as an agent or trustee in matters related to international finance. Bibliography See A. LeBor, Tower of Basel (2013). MedicalSeeBISLegalSeeBank for International SettlementBank for International Settlements
Bank for International Settlements (BIS)An international bank headquartered in Basel, Switzerland, which serves as a forum for monetary cooperation among several European central banks, the Bank of Japan, and the US Federal Reserve System. Founded in 1930 to handle the German payment of World War I reparations, it now monitors and collects data on international banking activity and promulgates rules concerning international bank regulation.Bank for International SettlementsAn international organization composed of central banks that helps ensure the proper flow of money throughout the global economy. Based in Basel, Switzerland, the BIS seeks to increase transparency in monetary policy throughout the world, and to apply international standards where it is believed they are appropriate. The BIS regulates capital adequacy and encourages transparency in reserve requirement policies. Importantly, it does not provide financial aid to members. Critics allege that its standards are unenforceable. See also: International Monetary Fund.Bank for International Settlements (BIS) an international bank, situated in Basle and established in 1930, that originally acted as a coordinating agency for the central banks of Germany, France, Italy, Belgium and the UK in settling BALANCE-OF-PAYMENTS imbalances and for other intercentral bank dealings. Nowadays its membership comprises all western European central banks together with those of the USA, Canada and Japan. Although the INTERNATIONAL MONETARY FUND is the main institution responsible for the conduct of international monetary affairs, the BIS is still influential in providing a forum for discussion and surveillance of international banking practices.AcronymsSeeBISN |