The Past and Future of Central Bank Cooperation

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. • A fresh, multi-faceted look at central bank co-operation • Multi-disciplinary approach (economists, historians, political scientists from both Europe and the US) • Backward- (history) and forward-looking on future of central bank cooperation

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Reviews:

'Central banks play as central a role in economic welfare and financial stability today as they have ever played. And globalization makes cooperation among monetary and financial authorities even more crucial than before. This volume throws valuable new light on the way cooperation has been conducted in the past and on some of the key issues that will confront central bank collaboration in the future.' - Sir Andrew Crockett, President, JP Morgan Chase International 'This clear and well researched book on 130 years of central bank cooperation will be a unique tool for historians and economists. It doesn't discuss the desirability of cooperation but it explains how it worked (or, in some cases, did not work).' - Jacques de Larosière, Former President, European Bank for Reconstruction and Development 'It offers a valuable insight into the world of central bank cooperation, both past and future, and how the past is shaping the future.' - Journal of Financial History Review

1. One hundred and thirty years of central bank cooperation: a BIS perspective Claudio Borio and Gianni Toniolo 2. Almost a century of central bank cooperation Richard N. Cooper 3. Architects of stability? International co-operation among financial supervisors Ethan B. Kapstein 4. Central banks, governments and the European monetary unification process Alexandre Lamfalussy 5. The future of central bank cooperation Beth Simmons 6. Interdependence and co-operation: an endangered pair? Tommaso Padoa-Schioppa