This book explores the past and future of central bank cooperation. In today's global economy, the cooperation between central banks is a key element in maintaining or restoring monetary and financial stability, thereby ensuring a smooth functioning of the international financial system. In this book, economists, historians, and political scientists look back at the experience of central bank cooperation during the past century - at its goals, nature, and processes and at its successes and failures - and draw lessons for the future. Particular attention is devoted to the role played by central bank cooperation in the formulation of minimum capital standards for internationally active banks (the Basel Capital Accord, Basel II), and in the process of European monetary unification and the introduction of the Euro.
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Claudio Borio is Head of Research and Policy Analysis at the Bank for International Settlements (BIS), where he has worked since 1987 covering various responsibilities in the Monetary and Economic Department. Dr. Borio was formerly a Lecturer and Research Fellow at Brasenose College, Oxford and an economist at the Organisation for Economic Co-operation and Development (OECD). He holds a D.Phil. and an M.Phil. in economics from Oxford and has published extensively in the fields of monetary policy, banking, finance, and issues related to financial stability. Gianni Toniolo is Research Professor of Economics and History at Duke University, Durham, NC; a Research Fellow of the Centre for Economic Policy Research (CEPR), London; and a member of the Academia Europaea. He was previously Professor of Economics at the University of Rome, Tor Vergata, and at Ca'Foscari, the University of Venice. He is a former President of the European Historical Economics Society. Toniolo's books include An Economic History of Liberal Italy, 1850-1918 (1990); Central Bank Cooperation at the Bank for International Settlements (Cambridge University Press, 2005, with the assistance of Piet Clement); and The International Economy Between the Wars (2008, with Charles H. Feinstein and Peter Temin). Piet Clement is Head of Library, Archives and Research Support at the Bank for International Settlements. He holds a Ph.D. from the Catholic University of Leuven, Belgium, and has published on the history of international cooperation and of the BIS.
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