The Governance of the Bank for International Settlements 1973-2020
Promoting Global Monetary and Financial Stability: The Bank for International Settlements after Bretton Woods, 1973–2020
The changes in the structure, organization and governance of the BIS from the 1970s to the early 21st century were profoundly affected by international political change as well as the shifting pattern of global banking. The end of the Cold War and the rise of Asia rebalanced the global economy. At the same time these decades witnessed the explosion of international financial activity, rapid financial innovation and changes to the role and influence of central banks. The challenges posed by the transformation of international finance became even more profoundly important in the wake of the global financial crisis in 2007-8. But the structure and operations of the BIS also responded to internal pressures, especially changes in leadership and vision, and were constrained by the Bank’s formal Statutes from its founding in 1930. This chapter will explore how these external and internal pressures manifested themselves in the structures and governance of the BIS.