Central Bank Cooperation at the Bank for International Settlements, 1930-1973 Gianni Toniolo Index More Information

Cambridge University Press 0521845513 - Central Bank Cooperation at the Bank for International Settlements, 1930-1973 Gianni Toniolo Index More information

Index

Abs, Hermann, 361, 555n145 appeasement policy, and World War II, 207, Acheson, Dean, 332 211–12, 258, 550n64 Acki, Takashi, 494n55 Araki, Eikichi, 294–5 Addis, Sir Charles, 20, 38, 43, 61, 63, 74, Aron, Raymond, 401 494n55, 497n102 Åsbrink, Per, 393, 592n185 Addison, Lord, 266 assets, of BIS in late 1930s, 185–6. See also Adenauer, K., 336, 589n137 capital Africa, and Belgian gold during World War II, Atkinson, Edward, 697 250. See also Ethiopia; South Africa Atlantic Payments Union (APU), 340 Agreement for Intra-European Payments and Auboin, Roger, 184, 250, 278, 279, 282, 300, Compensations (IEPC, 1948), 305–8 312, 317, 323, 333, 334, 545n12, 551n93, agriculture: and European Economic 570n79, 571n81 Community’s Common Agricultural Auld, George P., 54 Policy, 446; and postwar reconstruction of Auriol, Vincent, 180, 538n83 Europe, 284, 289 Australia. See Reserve Bank of Australia Albania: and shares in early BIS, 69; and Austria: and end of interwar gold standard, 116; World War II, 212 Credit-Anstalt crisis and Great Depression Algeria, and French economy in 1950s, 339 in, 88–97, 110–11, 112–13; and customs Allied Gold Declaration (1944), 249, 251, union with Germany, 88; and shares in early 560n215 BIS, 69. See also National Bank of Austria Allies, and ﬁnancial relations with BIS during Austrian National Bank. See National Bank of World War II, 232–5 Austria Allix, Edgar, 494n55 autarky: and central bank cooperation as Alphand, H., 303 mission of BIS, 162–7; and Universal Alphonse XIII, King of Spain, 82 Postal Union, 191. See also foreign Altman, Oscar, 607n82 relations Anderson, John, 233 Axis: declaration of war on U.S., 224; and Andrews, D., 450 operations of BIS during World War II, Annual General Meeting, of BIS, 49, 67, 91, 214, 216, 220, 226–32 170, 174, 300, 347, 363, 400 Azzolini, Vincenzo, 61, 81, 143, 213, 225, 229, Annual Reports, of BIS, 193–4, 214, 223, 253–5, 497n102, 562n237, 562n243 287–91, 323–7, 459, 504n24 Ansiaux, Hubert, 329, 334, 395, 418, 443, Babington Smith, Michael, 358 447–8, 463, 477, 577n114, 605–6n44–5 Bachmann, Gottlieb, 68, 69, 146, 178, 224

713

© Cambridge University Press www.cambridge.org Cambridge University Press 0521845513 - Central Bank Cooperation at the Bank for International Settlements, 1930-1973 Gianni Toniolo Index More information

714 Index

Baden-Baden committee (1929), 39–44 Bank for International Settlements (BIS): Badoglio, Marshal Pietro, 253 and banking operations, 72–4, 185–9, Baer, Gunter D., 606n54 297–301, 477–9; and “Basel club,” Baffi, Paolo, 41, 76, 321, 323–4, 495n60, 363–9; and Bretton Woods accords, 538n86, 540n116 260–82, 428–39; and central banks in balance sheet, of BIS, 72–3, 157, 187, 238, postwar Europe, 291–7; conclusions on 297, 317, 360–1, 647–60. See also assets; effectiveness of, 486–8; cooperation of capital; income central banks as principal mission of, Balfour Note (1922), 26 1–4, 20–3, 157–8, 162–7, 482–5, 489n1; Ball, George, 586n97 creation of, 24–60; and Czechoslovak gold Balogh, Thomas, 542–3n168 affair, 204–13; and Eastern European Banca Commerciale Italiana, 90 central banks in 1950s, 346–9; and Bank of America, 454 economic analysis in 1950s, 323–7; end Bank of Bohemia and Moravia, 217, 549n56. of reparations and reorganisation of, See also Czechoslovakia 119–23; and eurocurrency market, 452–71; Bank of Canada, 361, 584n41. See also Canada and European Economic Community, Bank of Danzig, 108, 649–50. See also Danzig 311, 439–44; and European Monetary Bank deutscher Länder, 295, 318, 570n66 Agreement, 339–46; and European Bank of England: Baring crisis of 1890 and Payments Union, 328, 333–5; and central bank cooperation, 15; and bilateral German transfer crisis, 149–57; and gold concerté, 385; and Bretton Woods, 269, standard, 115–19, 131–6, 377–81, 415–17, 274, 281; Central and Eastern Europe in 419; international lending and 1931 1920s, 29–30; and classical gold standard economic crisis, 84–114; and international before 1914, 14; and Credit-Anstalt crisis, monetary cooperation in 1950s, 317–21; 96; and Czechoslovak gold affair, 205–6, and international monetary system in 207, 208, 209–11, 548n49; and European 1960s, 357–62, 381–8, 399–410; and rescue of U.S. dollar in 1960–61, 370–1; international relations in 1930s, 159–67; and Geneva Economic Conference of 1922, and Lausanne Conference (1932), 127–31; 23; and German transfer crisis, 152; and and London World Economic Conference Gold Pool in 1960s, 378–80, 588n131; and of 1933, 136–49; and monthly meetings of McKittrick as president of BIS, 225–6; central bank governors and government and nationalisation, 293–4; and sterling in officials, 473–7; and Multilateral Monetary 1960s, 390, 397, 423–6, 600–1n327; World Compensation (1947), 301–4; and OEEC, War I and central bank cooperation, 17; 305–8; and politics, 479–82; and postwar World War II and financial relations with economy of Europe, 283–91; and second BIS, 232. See also United Kingdom Sterling Group Arrangement, 423–6; Bank of Finland, 349. See also Finland and Tripartite Agreement, 175–82; and Bank of France: Baring crisis of 1890 and U.S. involvement in 1930s, 167–75; and central bank cooperation, 15; and Bretton Universal Postal Union, 189–91; and Woods, 281; and central bank cooperation Werner Plan for European monetary in 1950s, 318; and Central and Eastern integration, 444–52; and Wiggin Europe in 1920s, 29–30; and exchange Committee, 123–7; and World War II, 201, rate stabilisation in 1930s, 166; and gold 204, 213–45, 252–9. See also Annual bloc, 165–6; and gold policy in 1960s, 356, Reports; banking; Board of Directors; 411–14; and gold standard, 14, 356; and capital; general managers; investments; nationalisation, 293, 294; and sterling Jacobsson, Per; long-term lending; support in 1960s, 394–5, 425–6; and Monetary and Economic Department; transfer of Belgian gold to Reichsbank, Norman, Montagu; organisation; 249–50, 277; World War I and central bank presidents; secretary general; staff; Statutes cooperation, 17; World War II and relations Bank of Italy: and central bank cooperation with BIS, 219. See also France before 1930, 17, 31; and dollar support in Bank of Iceland, 544n192. See also Iceland 1961, 369–70; and eurocurrency market,

Index 715

460; and gold during World War II, 252–5; after World War I, 24, 27; and Tripartite and Gold Pool, 416, 421; and lira crisis of Agreement, 181; and World War II, 218, 1964, 385–6; and nationalisation, 295; and 249–51, 257. See also National Bank of wartime attitude vis-à-vis BIS, 229, 281. Belgium See also Italy Beneduce, Alberto, 41, 43, 61, 81, 129, 138, Bank of Japan, 68, 143, 224, 231, 295, 361, 402, 140, 142–3, 146, 497n102, 521n70, 522n93 500n162, 569n62, 584n41. See also Japan Beneduce Committee (1931), 127–31 Bank of Norway, 217, 240, 564n30. See also Bennett, E. W., 87, 104, 516n106 Norway Bergier, Jean-François, 227, 228, 554n128 Bank Polski, 217, 580n175, 581n184. See also Bergier Commission, 227–8, 256, 554n128 Poland Berlin Transfer Conference (1934), 153–4 Bank of Portugal, 238, 241–2, 558n180. See Bernhuber, L., 254 also Portugal Bernstein, Edward, 263 Bank of Spain, 78, 79–80, 81, 82, 83, 509n104, Bernstsen, Oluf, 297, 400 509n110. See also Spain Bevin, Ernest, 275, 329, 330, 332, 522n89, Banker, The ( journal), 52, 232 580n174 banking: and bank holiday in Hungary, 98; Beyen, Johan Willem, 164, 184, 189, 195, collapses in U.S. during 1970s, 470; 206–8, 213, 269, 270, 271, 539n113, decreased levels of during World War II, 540n122, 542n153, 549n55, 551n92, 223; eurocurrency market and U.S. laws 564n28, 564n30 on, 454; Great Depression and American Bianchini, Giuseppe, 494n55 crisis of 1930, 84, 86–7; Great Depression “bilateral concerté”, 385 and German ﬁnancial crisis, 100; and BIS. See Bank for International Settlements growth of BIS in 1960s, 359–60; and Bissell, Richard, 328, 329 operations of BIS, 72–4, 185–9, 297–301, Black, Eugene, 170, 301 477–9; U.S. crisis in 1933 and end of Blackett, Sir Basil, 494n55 interwar gold standard, 118–19 Blessing, Karl, 58–60, 194–5, 365, 374, 376, Banking Act (U.S., 1935), 171, 175, 536n41, 381, 382, 416, 427, 503n230, 552n103, 537n57 596n242, 599n317 Banque Commerciale de l’Europe du Nord, Blough, Roy, 586n92 349 Blum, Léon, 176 Baring crisis of 1890, 15 Blunden, George, 470 Barnich, Georges, 493n21 Board of Directors, of BIS, 60–3, 69, 195–200, Barre, Raymond, 444–5 291–2, 358, 506n53–4 Bascoul, André, 603–4n15 Board of Governors of the Federal Reserve Basel, 44, 56, 62, 65–6, 158, 183, 196–7, System. See Federal Reserve System 220–2, 272, 362, 450, 473 Bodner, David, 602n368 “Basel Agreement,” and mutual support in Bolgert, N., 99, 515n79 1960s, 381–8, 449 Boltho, A., 310 “Basel Capital Accord” (1988), 471 bonds, and Young Plan, 72 “Basel club,” 30–1, 363–9 Bonn, T., 522n98 Basel Committee on Banking Supervision, Bonn conference (1968), 444 439, 471 Bordo, Michael, 182 Basel Concordat of 1975, 471 Boyle, A., 197 Basel II, 471 Brandt, Willy, 428, 433, 446 Bas Vasallo, Carlos, 78, 79, 80, 81–2 Bréart de Boisanger, Yves, 249–51, 292 Belgium: Bretton Woods and restitution of Bretton Woods conference (1944), 260–76 gold looted from, 277; and currency crisis Bretton Woods system: beginning of the end of 1969, 447; and European Monetary in late 1960s, 410–23; BIS after end of, Agreement, 345; and European Payments 279–82, 437–9; breakdown of system in Union, 330–1, 338–9; and international 1960s, 350–7; end of in late 1960s, 428–36; relations in 1930s, 162, 166; and reparations and U.S. dollar crisis in 1960–61, 374

716 Index

Briand, Aristide, 32–3, 85 economy of Europe, 291–7; BIS and Bridge, Roy, 394, 398, 461, 588n122 settlement of postal transactions, 190–1; Britton, A., 576n91 and capital of BIS in early 1930s, 67–9; Brown, Edward, 268–9, 518n18, 518n20, and cooperation during Great Depression, 598–9n298 107–9; cooperation of as principal Bruins, Gijsbert W. J., 93 mission of BIS, 1–4, 20–3, 157–8, 162–7, Brunet, Jacques, 371, 375, 377, 427, 428, 482–5, 489n1; and cooperation during 600n323 and after World War I, 16–20, 30; and Brüning, Heinrich, 86, 87, 100–1, 106, 516n107, eurocurrency market, 455–7, 462; and 517n108 European Payments Union, 333–5; and Brussels Economic Conference (1920),19, 22–3 German financing of World War II, 228; Bulgaria: and end of interwar gold standard, gold standard and cooperation of, 13–16, 116; and shares in early BIS, 69; and World 121–3, 135–6; and international relations War II, 243, 558n187. See also National in 1930s, 162–7; and London Conference Bank of Bulgaria of 1933, 147–9; and monthly meetings at Bundesbank. See Deutsche Bundesbank BIS, 473–7; neutrality and BIS at start of Burckhardt, Martin, 362 World War II, 205; representation of on Burgess, Antony, 169, 536n44 establishment of BIS, 49–50; and Tripartite Burgess, W. Randolph, 36, 53–4, 543n168, Agreement, 182; U.S. and cooperation of 544n197 in 1930s, 173–4 Burns, Arthur, 434 central banks’ club. See “Basel club” Centro Oficial de Contrataciòn de Moneda Caillaux, Joseph, 502n206 (COCM), 509n110 Cairncross, Alexander, 335–6, 337, 514n56, Cesarano, F., 563n7 573n28, 573n30, 574n38, 577–8n122–3, Chamberlain, Neville, 146, 211, 549n57, 594n212 550n64 Callaghan, James, 390, 391, 398, 399 Chandler, L. V., 491n45 Calvet, R., 344, 608n91 Charguérard, M.-A., 562n245 Canada: and currency realignments in 1949, Chase Manhattan Bank, 454 315; and end of interwar gold standard, Château d’Oex, 221–2 116. See also Bank of Canada China, and gold purchases in 1960s, 411 capital, of BIS: and banking operations in late Churchill, Winston, 209, 212, 340 1930s, 187; and banking operations in Citibank, 454 postwar period, 298; on establishment, 49; Clarke, S. V. O., 491n60, 493n20, 516n92, and first operations in early 1930s, 67–9; 539n112 and growth of banking in 1960s, 360; and Clavin, Patricia, 149–50, 529n182 liabilities in 1950s, 317. See also balance Clay, H., 544n191 sheet clearing agent, and role of BIS in Universal Carli, Guido, 334, 341, 344, 367–9, 373, Postal Union, 189–91 385–6, 421, 432, 477, 481, 485, 488, Clement, Piet, 245, 515n90, 546n24, 560n203, 577n109 599n313 Carr, E. H., 28, 159 Coal Agreement (1939), 212 Cassel, Gustav, 19, 133, 134, 502n195, 521n90 Cobbold, Lord Cameron, 209, 279, 315, 371, Catto, Lord Thomas, 233, 272, 274, 276, 292 375, 376, 377, 382, 383, 473, 577n112 “Central Banking Studies” (CB series), Cochran, Merle, 67, 167, 178, 180, 195, 543n169 199–200, 505n38, 507n73, 525n134, Central Bank of the Republic of Turkey, 243 527n154, 529–30n186, 538–9n91, 540n117, Central Bank of the Russian Federation, 349 540n126, 545n202 central banks: Baring crisis of 1890 and Cold War, 320. See also foreign relations cooperation of, 15; and BIS after Bretton Comecon, 347, 581n176 Woods, 280, 281–2; and BIS operations Commission Mixte de Secours de la in 1950s, 318, 346–9; BIS and postwar Croix-Rouge Internationale, 244–5

Index 717

Committee on Banking Regulations and d’Aroma, Antonio, 359, 442, 581n183, 583n29 Supervisory Practices (G10), 470–1 Das Reich (newspaper), 271 Committee of EEC Governors, 442–52 Dawes, Charles, 27, 45, 495n56 Committee of European Economic Dawes Plan and Dawes loan (1924), 13, 28, Co-operation (CEEC), 301–4 31, 35, 39, 45, 72, 150–7, 186, 494n44, Committee of Twenty (C20), 468 494n53, 532n213 Connally, John, 433–4, 572n103 Dealtry, Michael, 378, 423, 596n246 Conolly, Frederick, 195, 577n118, 590n152–3 De Boer, Marten, 541n144, 647 Constituent Charter, of BIS, 50 Deed of Constitution, of BIS, 62 Continental Illinois failure (1984), 470 de Gaulle, Charles, 339, 356, 428, 441, Coolidge, Calvin, 45–6, 493n20 594n213 Coombs, Charles, 364–5, 368, 371, 375, 384, Delacroix, Léon, 22–3, 497n102 387–8, 392, 393–4, 395, 411, 414, 415, Dell, E., 591n175 433, 458, 463, 466, 477, 585n76, 588n122, De Long, Brad, 286 589n133, 592n188, 593n198, 603n374, Delors Committee, 451 610n117 Deming, Frederick, 417, 418 Cortelyou, G. B., 22 Denison, E., 309–10 Costigliola, F., 85, 491n59 Denmark: and end of interwar gold standard, Council for Mutual Economic Assistance 116; and shares in early BIS, 69; World (Comecon), 347, 581n176 War II and German occupation of, 217 Crane, Jay E., 47 Deroy, Henri, 473 Credit-Anstalt crisis (Austria, 1931), 88–97, d’Estaing, Giscard, 431 100, 103–4, 109, 110–11, 112–13 De Strycker, Cecil, 406, 473–4 Credito Italiano, 89 Deutsche Bank, 101 Cripps, Stafford, 315, 573n33 Deutsche Bundesbank: creation of, 295, 326; crisis management, and BIS experience during and Deutsche mark revaluation, 381–2, Great Depression, 106–14 427–8; and dollar support, 374, 405; and Cromer, George, 390, 391, 393, 591n176, eurocurrency market, 462, 464–5, 467; and 603n11 European monetary cooperation, 450; and Cuban missile crisis (1962), 379, 381 floating, 433, 435; and Gold Pool, 376–7, Cunliffe Committee (1919), 18 416. See also Germany Cuno, Wilhelm, 27 Dillon, C. Douglas, 372, 376 Czechoslovak gold affair, 204–13, 217, 258, Disarmament Conference (1932–33), 160 259 dividend reserve fund, of BIS, 51 Czechoslovak National Bank, 205 Dolcetta, Bruno, 494n55 Czechoslovakia: and BIS in 1950s, 319; Dresdner Bank (Germany), 101 Bretton Woods and restitution of gold Dulles, Allen, 231 looted from, 277; Czechoslovak gold affair Dulles, Eleanor Lansing, 66 and World War II, 204–13, 217, 258, 259; Dulles, John Foster, 505n28 and end of interwar gold standard, 116; and IMF, 580n172; as shareholding member of Eastern Europe: and BIS in 1950s, 319, 346–9; early BIS, 69; and World War II, 217 influence of Bank of England and Bank of France in 1920s, 29–30. See also specific Daladier, Edouard, 211 countries Dalton, Edward, 273–6, 566n68 Eccles, Marriner S., 170, 175 Dalton, Hugh, 315, 573n35 Economic Co-operation Administration Danzig, and international lending during Great (ECA), 307 Depression, 99, 100. See also Bank of economics: and Jacobsson as economic adviser Danzig to BIS, 63, 65; and productivity growth in Darlington, R., 194–5 Europe of 1950s, 309–10; and research Darmstädter und Nationalbank (Danat), 101, of Monetary and Economic Department 103 of BIS, 191–5; and theoretical literature

718 Index

on cooperation, 10, 11. See also Annual governors’ meetings in 1960s, 439–44; and Reports; Great Depression; Monetary and United Kingdom, 603n11 Economic Department; statistics European Monetary Agreement (EMA), Economist, The ( journal), 52–3, 155, 272, 380, 339–46, 580n169 398, 417 European Monetary Cooperation Fund economy: BIS and analysis of in postwar (EMCF), 449–50, 451 Europe, 286–91; and European recovery European Monetary System (EMS), 451 after World War I, 31, 35; and impact European Monetary Union (EMU), 444–52 of reparations on Germany, 86; and European Payments and Compensation integration of Europe, 302–4; and Agreement, 313–14 nationalism in 1930s, 160; and growth European Payments Union (EPU), 310, 311, in Europe during 1950s, 309–12; and 316, 327–39, 576n96 Tripartite Agreement, 182 European Recovery Program (ERP), 285. See EEC. See European Economic Community also Marshall Plan Eichengreen, Barry, 15, 19, 107, 111, 118, 284, Exchange Equalisation Fund (U.K., 1932), 165 286, 340, 345, 346, 516n105, 523n111, exchange rates: and BIS’s economic analysis 573n28, 573n30, 574n38, 579n147 in 1950s, 326; and currency devaluations Einaudi, Luigi, 292, 295 in 1949 through early 1950s, 314–16; and Einzig, Paul, 53, 232, 501n170–1 European Monetary Agreement, 339–46; Emminger, Otmar, 362, 381, 431, 432, 463–5, and European rescue of U.S. dollar in 474, 578n130, 596n252, 601n335, 603n9, 1960–61, 369–75; floating rates and end of 609n109 Bretton Woods, 436; floating regime after Estonia: and end of interwar gold standard, World War I, 18; London Conference of 116; and shares in early BIS, 69; Soviet 1933 and stabilisation of, 144–6; and Swiss occupation of, 218–19 franc during World War II, 236. See also Ethiopia, Italian invasion of, 160, 162 international monetary system; monetary eurocurrency market, 452–71 policy Euro-Currency Market Standing Committee. Executive Committee, and establishment of See Standing Committee on Euro-Currency BIS, 43 Market Exeter, John, 575n65 Europe: BIS and gold transport from in Export–Import Bank of Washington, 318 World War II, 240–1; BIS and postwar exports. See trade reconstruction of, 283–6; and Committee for European Economic Co-operation, Fabri, H., 494n55 301–4; economic recovery after World Farnier, Charles, 77 War I and establishment of BIS, 35; effects Federal Open Market Committee (FOMC), of World War I and postwar settlement 387 on, 24–5; and Great Depression, 85, 89; Federal Reserve Act (U.S., 1913), 174 and influence of Bank of England and Federal Reserve Bank of New York: and BIS Bank of France in 1920s, 29–30; and at Bretton Woods, 267, 280, 300–1; and international monetary cooperation in central bank cooperation before 1930, 1950s, 312–16; and productivity growth in 17, 30, 45; and Credit-Anstalt crisis, 91; 1950s, 309–12; and rescue of U.S. dollar and eurocurrency market, 453, 461; and in 1960–61, 369–75. See also Eastern European rescue of the dollar, 369; and Europe; European Economic Community; Gold Pool, 413–14; and question of BIS specific countries participation, 47–8, 168–9, 171–5, 199, European Coal and Steel Community (ECSC), 281–2, 319–20; and Reichsbank credit, 316, 318–19 101–2; and sterling support, 393, 397; and European Economic Community (EEC): and swap network, 386–7, 397 currency crisis in 1969, 446–7; economic Federal Reserve System (U.S.), 22, 23, 46–7, nationalism and establishment of, 311–12; 87, 168–9, 171–5, 278, 320, 362, 368 and end of Bretton Woods, 438; and Feiertag, O., 493n25

Index 719

Ferguson, N., 503n229 Friedman, Milton, 326, 430–1, 452 Ferrari, Alberto, 321 Fumi, Giovanni, 504n6 Ferras, Gabriel, 358, 359, 360, 367, 378, 394, Funk, Walther, 212, 228, 569n44 397, 398, 409, 413, 420, 462–3, 470, 581n183, 583n23, 598n282, 609n107 Gaitskell, Hugh, 332 Fforde, J., 593n194 Galati, G., 611n138 Financial News ( journal), 232, 272 Galopin, C. A., 213 Finland, and shares in early BIS, 69. See also game theory, and literature on cooperation, Bank of Finland 10, 14 First National Bank of Chicago, 48 Gavin, F. J., 599n299 First National Bank of New York, 48 Gayet, Lacour, 527–8n161 Fisher, Irving, 112 General Agreement on Tariffs and Trade Flandreau, Marc, 14–15, 490n28 (GATT, 1947), 310, 344 Foch, Marshal, 26 General Agreements to Borrow (GAB), Foreign Affairs ( journal), 54 400–2 Foreign Direct Investment Program, 456 general managers, of BIS, 43, 62, 63, 66, foreign relations: and BIS in 1930s, 159–67; 184, 358. See also Auboin, Roger; Ferras, Cold War and U.S. perception of BIS, Gabriel; Guindey, Guillaume; Larre, René; 320; and cooperation of central banks, 4; Quesnay, Pierre and Great Depression, 88; and neutrality general reserve fund, of BIS, 51 at start of World War II, 201–4. See also Genoa Economic Conference (1922), 20, 23, autarky; Cold War; G10; nationalism 136 Fournier, Pierre, 181, 208, 213–14 George, Lloyd, 20 Fowler, Henry H., 399, 408 Germany: and Beneduce Committee, 129–30; France: and Bretton Woods, 267; and European BIS and mutual support in 1960s, 382; Monetary Agreement, 342, 344; and and creation of BIS, 55–6, 58–60; and European Payments Union, 339; franc and currency crisis in 1969, 446–7, 448; international monetary system in late1960s, and Czechoslovak gold affair, 204–13; 426–8; Great Depression and German Deutsche mark and international monetary financial crisis, 102, 104, 105, 107, 109, system in late 1960s, 426–8; and economic 114; and international relations in 1930s, growth in 1920s, 31; and end of interwar 160, 161–2, 166; and London Conference gold standard, 115, 117; and European of 1933, 139, 145, 146–7; and opposition Monetary Agreement, 345; and European to long-term lending by BIS, 76, 77; and Payments Union, 330, 336–7; and reparations after World War I, 24, 26, 28; European rescue of U.S. dollar in 1960–61, and response to creation of BIS, 55, 60; and 373–4; financial relations with BIS during Tripartite Agreement, 175–82; and World World War II, 227–31; Great Depression War II, 213, 219. See also Bank of France and financial crisis in, 100–14, 129; and Franck, Louis, 61, 142, 497n102 international relations in 1930s, 160, 161; François, G., 21 and Lausanne Agreement (1932), 131; and Francqui, Emile, 35, 77, 138, 494n55, 495n70, League of Nations, 28–9; and London 521n70, 528n174 Conference of 1933; and neutrality of BIS Franklin National collapse (1974), 470 during World War II, 202–3, 213–19; and Fraser, Leon, 48, 61, 62, 63, 66–7, 71, 73, 81, rise of Nazis during 1930s, 86, 106–7, 150; 138, 142, 144, 147, 148, 151, 154, 183–4, Switzerland and banking transactions 190, 199, 267, 476, 500n162, 503n4, during World War II, 203; and transfer 505n37, 510n118, 510n122, 523n114, crisis in 1930s, 149–57; and Tripartite 525–6n136, 526n144, 527n154, 528n180, Agreement, 181; and Wiggin Committee, 529–30n186, 532n213, 534n17, 535n35, 124. See also Axis; Deutsche Bundesbank; 536n52, 537n58 Reichsbank; reparations; Schacht, Frère, Maurice, 276, 277, 278, 279, 292, 297, Hjalmar; World War I; World War II 298, 321, 363, 575n68 Ghiardi, John, 368

720 Index

Gilbert, Milton, 321, 358–9, 375, 378, 388, and shares in early BIS, 69; and World War 394, 400, 402–4, 405, 406, 407, 410, 414, II, 249 420, 421, 422, 431, 458, 459, 461, 462, Group Arrangement. See Sterling Group 463, 499n143, 583n28, 595n239, 607n82, Arrangement 610n121 G10: and Bonn conference of 1968, 427, 444; Gilbert, Parker, 32, 154, 493n20, 499n143, and Committee on Banking Regulations 530n196–7, 531n205, 532n215, 532–3n219 and Supervisory Practices, 439, 470–1; Giovanoli, Mario, 500n157 and debate on reform of international Glass, Carter, 117 monetary system, 399–410, 595n232, Glass–Steagall Act (U.S., 1933), 117 595n237; and end of Bretton Woods, Gofﬁn, Albert, 218 434–5; and eurocurrency market, 459–60, gold: BIS and earmarking of, 215, 361, 468; and Euro-Currency Market Standing 541n144–5, 560n205; BIS and intervention Committee, 465; and Gold and Foreign in market in 1960s, 360–1, 588n132; and Exchange Committee, 365, 381 BIS transactions during World War II, Guindey, Guillaume, 321, 358, 364, 403, 245–56, 257, 259; Bretton Woods and 583n21, 601n340 restitution of looted, 276–9; German Gutt, Camille, 494n55 acquisition of during World War II, 227, 560n215; movement of reserves to U.S. Haberler, Gottfried, 430, 538n86 during World War II, 240–1, 557n171, Hacha, Emil, 205 557n175; and operations of BIS in 1950s, Hague conferences (1907, 1929, 1930), 39–40, 317–18; reserves of in postwar Europe, 44, 202, 214, 298 284; World War II and issue of “victim Hambro, Sir Charles, 607n75 gold”, 227, 251–2, 256, 554n128, 554n132, Hantos, Elemér, 56 561n226, 566n71. See also Czechoslovak Harriman, Averell, 305 gold affair; Gold Pool; gold standard Harrison, George, 40, 45, 47, 66–7, 73, 91, Gold Discount Bank, 104 101–2, 138, 145, 169–70, 171, 175, 199, Gold and Foreign Exchange Committee, 365, 499n142–3, 508n79, 515n86, 516n94–9, 381, 391, 398, 461 523n110, 527–8n161, 529n178, 535n37, Gold Pool: and beginning of end of Bretton 537n58 Woods, 356, 410–23; operations of in Hawtrey, Robert, 19, 23, 261, 490n20 1960s, 375–81 Hayes, Alfred, 364, 372, 376–7, 378, 391–2, gold standard: BIS as custodian of, 131–6; 393, 413, 599n317 and Bretton Woods, 262; central bank Hechler, Paul, 181–2, 184, 225, 237, 253, 254 cooperation under classical, 13–16; end of hedging, and investments of BIS in late 1930s, interwar, 115–19, 121–3, 157–8; failure of in 188 early 1930s, 8–9; and London Conference Herald Tribune (newspaper), 54 of 1933, 136–49; origins of classical, 6–7; Herriot, E., 493n20 and ideology during 1930s, 111–12, 135–6; Herstatt failure (1974), 470, 611n138 and U.S. dollar in post–WorldWar II period, Hitler, Adolf, 100, 106–7, 150, 160, 533n224, 9; and World War I, 7–8. See also gold 545n202, 549–50n60 Goldman, S., 591n176 Hoffman, Paul, 328 Göring, H., 250 Hoffman, Stanley, 305, 576n97 Great Depression: BIS and crisis management Holmes, Alan, 457–8 during, 106–14; and Credit-Anstalt crisis, Holocaust, and “victim gold”, 227, 251–2, 88–97; and ﬁnancial crisis in Germany, 554n128, 554n132, 561n226, 566n71 100–14; and gold standard, 9, 75, 117; and Holtfrerich, C.-L., 578n130 international lending, 84–5, 97–100; and Holtrop, Marius, 292, 321, 349, 358, 363, 392, revision of German reparations, 87–8, 129 395, 439, 441, 442–3, 581n183, 589n138, Great Society programme (U.S.), 462 604n18 Greece: and end of interwar gold standard, 116; Hoover, Herbert, 46, 47, 87, 101, 102, 105, 119, and European Monetary Agreement, 343; 499n139, 511n5, 511n13, 519n36

Index 721

Horsefield, J. K., 564n22 international monetary system: and Hülse, Ernst, 63, 153, 184 conclusions on effectiveness of BIS, Hungary: and BIS in 1950s, 319, 348; 486–8; European economy in 1950s and Bretton Woods and restitution of looted cooperation, 312–16; floating rates and end gold, 277; and Credit-Anstalt crisis, 93; of Bretton Woods, 436; French franc and and end of interwar gold standard, 115; Deutsche mark in late 1960s, 426–8; G10 and international lending during Great debate on reform of, 399–410; overview Depression, 97–100; and shares in early of, 5–9, 350–7; reasons and conditions for BIS, 69. See also National Bank of Hungary cooperation, 9–13; and swap network in 1960s, 387–8; Werner Plan and European Iceland: and European Monetary Agreement, Monetary Union, 444–52. See also Bretton 343, 345; and invitation to join BIS in Woods conference; exchange rates; gold 1950s, 319. See also Bank of Iceland standard; monetary policy ideology, and gold standard during 1930s, International Mortgage Bank (Switzerland), 77 111–12, 135–6 international payments: and BIS as clearing IMF. See International Monetary Fund agent for Universal Postal Union, 189–91; imports. See trade BIS and postwar reconstruction of Europe, income, of BIS, 186, 298, 360 283–6; and principal objectives of BIS, Independent Commission of Experts. See 3. See also European Payments Union; Bergier Commission international monetary system India, and conflict with Pakistan, 411, 412 International Trade Organisation, 310 Industrial Bank of Japan, 68 Introna, Niccolò, 570n67 inflation: BIS and concerns about after World investments, of BIS, 73, 187–8, 300 War II, 288–90, 299, 325–6; central banks Ira Haupt, 457 and control of in the 1960s and 1970s, 355, Ireland, and invitation to join BIS in 1950s, 357, 373, 403, 427, 436, 464–5; economic 319 policy and in the interwar period, 18, 53, Israel. See Six-Day War 117–18, 137, 161 Italy: and Bank of England, 275; and bilateral information gap, and eurocurrency market, concerté, 385–6; BIS and gold reserves 456, 457–60 during World War II, 252–6; and end of Institute for Industrial Restructuring (IRI), 117 interwar gold standard, 116; and European Inter-American Bank, 263 Monetary Agreement, 342, 344; and interest rates, and banking operations of BIS in European Payments Union, 330–1; and late 1930s, 186–7 Great Depression, 88, 89–90; and London international clearing house, 22–3, 36, 271, Conference of 1933, 140; and reparations 304, 485. See also international payments after World War I, 24; and World War II, International Committee of the Red Cross 160, 162, 212. See also Axis; Bank of Italy (ICRC), 244 International Labour Organisation, 568n23 Jacobsson, Erin, 552n99, 568n16 International Monetary Fund (IMF): and Jacobsson, Per: and BIS Annual Reports in Basel Agreement, 382–3; Bretton Woods postwar years, 287–8, 290; and BIS in and creation of, 261, 266, 270, 566n62; postwar period, 297, 300–301; and Bretton cooperation with BIS in postwar years, Woods, 279, 282; on Cairncross and 301; and currency devaluations in 1949 Keynesian economics, 578n124; and daily through early 1950s, 314–15; and Eastern life at BIS during World War II, 222, 223; Europe, 580n172; and eurocurrency diaries of, 544n188; as economic adviser market, 468; and European Monetary of BIS, 63, 66, 543n172; and European Agreement, 343, 344; and G10 debate Coal and Steel Community, 319; on on reform of international monetary European Payments Union, 333, 335–6, system, 399–410; and second Sterling 337; on financial relations between BIS Group Arrangement, 423. See also special and Germany during World War II, 229, drawing rights (SDRs) 552n103, 577–8n122; and gold standard,

722 Index

158; and International Monetary Fund, Kennedy, John F., 369, 371, 372–3, 379, 321, 579n142, 594n221; and Japanese 586n90 peace mediation, 231–2; and London Keohane, Robert, 11 Conference of 1933, 138–9, 141, 149, Kessler, G., 467, 592n188 527n148, 528n169, 528n173, 529n180, Keynes, John Maynard, 19, 23, 133, 166, 182, 530n187–9; and Monetary and Economic 194, 212, 260, 262, 264, 265–6, 270, 279, Department of BIS, 193, 195, 325; and 287–8, 325, 492n7, 495n64, 497n102, Quesnay, 540n124; on stabilisation of 563n9, 568n23 international monetary system, 400–1, Kienböck, V., 148 578n130, 579n146; and Switzerland during Kiesinger, Kurt, 428 World War II, 236; and unofﬁcial meetings Kindersley, Sir Robert, 75, 95 of BIS in late 1930s, 196–7, 198, 200; visit Kindleberger, Charles, 87, 309, 511n18 to U.S. in 1941–42, 233–4 Kitamura, Kojiro, 231 James, Harold, 103, 351–2, 401, 407, 432, 436, Klasen, Karl, 433, 467 490n32, 515n89, 579n142, 611n132 Klopstock, Fred, 457–8 Janson, Georges, 581n183 Knoke, D., 571n85 Janssen, Albert Edouard, 133 Korean War, 311, 325, 337 Janssen, George, 218 Korovushkin, V. P., 349 Japan: and capital of BIS in early 1930s, 68; Krueger Loan (1929), 153 and end of interwar gold standard, 116; Krushchev, Nikita, 379, 587n113 and expansion of export trade, 573n15; and international relations in 1930s, 161; Labeyrie, Emile, 180 and investments in early years of BIS, Lamfalussy, Alexandre, 309, 359 74; London Conference of 1933, 140; Lamont, Thomas W., 28, 45, 494n55, 499n143 and membership in BIS, 584n40; and languages, and operations of BIS, 43, 505n39 occupation of Manchuria in 1931, 88, Larre, René, 358 160; representation of central banks on Lary, H. B., 563n1 establishment of BIS, 49–50; and World Lattre, Jean de, 406 War II, 223, 231–2. See also Bank of Latvia: and end of interwar gold standard, Japan 116; and shares in early BIS, 69; Soviet Jaspar, Henri, 39 occupation of, 218–19 Javits, Jacob, 419 Lausanne Conference (1932), 127–31 Jay, Dean, 80 Laval, Pierre, 176, 535n28 Jenkins, Roy, 422, 425 law: eurocurrency market and U.S. banking, Johnson, Lyndon, 418, 420, 456, 462 454; and legal basis of BIS, 48–52, 120–1; Johnson, Tom, 132 neutrality and principles of international, Johnston, R., 453, 609n112 202. See also Statutes Jöhr, W. A., 153 Layton, Sir Walter, 53, 124–5, 497n102, Joint Vienna Institute (1993–2004), 582n187 521n75 Joung, Guido, 522n98 League of Nations: and Commission of Journal of Commerce, 53 Enquiry for European Union, 131, 509n98; Journal de Genève, 380 and Credit-Anstalt crisis, 96, 97, 512n31, J.P. Morgan & Co., 48, 70, 498n125. See also 517n117; and economic conferences in Morgan, J. P. postwar years, 19, 20, 22; and economic nationalism in 1930s, 160; and economic Kaldor, Nicolas, 309 statistics, 193, 476; and Germany, 28–9; Kano, Hisaakira, 231 and Gold Delegation, 132–4, 135, 522n94; Kaplan, Jacob, 328, 332, 337, 576n96, and participation of BIS in London 577n111, 579n148, 580n162 Conference of 1933, 147–8; report on Kastl, L., 494n55 economic situation in Hungary in 1931, 99; Katz, Samuel, 607n81 and U.S. foreign policy, 45 Keilhau, W., 269, 564n30 League of Red Cross Societies, 244, 245

Index 723

legal reserve fund, of BIS, 51 503n3, 507–8n74, 510n113, 516n95, Leith-Ross, F., 134, 141 544n187 Lend-Lease Agreement, 264 McKittrick, Thomas H., 127, 214, 216, 220–1, Leopold III, King of the Belgians, 218, 534n19 222, 223, 224–6, 233, 234–5, 242, 248, Leutwiler, F., 362, 474 250, 251, 253, 258, 272, 282, 535n36, Lévy, Raphaël-Georges, 21 552n112, 556n160, 562n237, 562n245, Lexis, W., 21 565n51 Lima resolutions (1932), 134 MacLaury, B. K., 368 limited-liability bank, and character of BIS, McMahon, Kit, 467 50, 51 Macmillan, Harold, 211 Lindblom, C., 11 Maier, Charles, 352 Lithuania: and shares in early BIS, 69; Soviet Malik, Josef, 546–7n31 occupation of, 218–19 Mandel, Georges, 212 Locarno, Treaty of (1925), 28 Mandel, Hans, 378, 414, 581n183, 598n285 London: and eurodollar trade, 454–5; and Mann, F. A., 570n72 free gold market, 189, 587n107, 588n132; Mant, J., 133 and pound sterling as reserve currency, Marjolin, Robert, 305, 340, 441, 450 389; role of as world’s ﬁnancial centre, 8; Markets Committee. See G10 skepticism of on creation of BIS, 52. See Marshall, George C., 264 also Bank of England; United Kingdom Marshall Plan, 264, 285–6, 307, 308, 310, 311 London Agreement on German External Debts Martin McChesney, William, 384, 414, 416, (1953), 298 419–20, 421 London Conference (1931), 1, 105, 515n82 Matsui, Yasumune, 494n55 London Naval Conference (1920), 85 Maudling, Reginald, 385, 389–90 London Times, 380 Melchior, Carl, 74, 123–4, 126, 129, 494n55, London World Economic Conference (1933), 495n64, 520n49, 521n73, 521n75 136–49, 157–8 Melmer, Bruno, 227 long-term lending, by BIS: and banking Mendès France, Pierre, 52 operations in postwar years, 300; and Menichella, Donato, 295, 372 Credit-Anstalt crisis of 1931, 88–97; Meyer, Eugene, 175, 276 and crisis management during Great Mills, Ogden, 47 Depression, 106–14; and Danzig during Milward, Alan, 202, 285, 286, 306, 563n3 1930s, 99, 100; and early operations in Mitzakis, Michel, 80, 81, 509n101, 509–10n110, 1930s, 74–7; and Hungary during 1930s, 510n113, 512n31, 531n198 97–100; and Yugoslavia during 1930s, 99 Moldenhauer, P., 71 Luther, Hans, 76, 101, 102, 104, 105, 142, Moley, Raymond, 146 504n15, 508n88, 516n92, 516n107, 517n108 Molotov–Ribbentrop pact (1940), 240 Lutz, Friedrich, 321, 323–4 Monetary and Economic Department (MED), Luxford, Ansel, 270 of BIS, 134, 191–5, 223, 323–7, 504n17 Luzzatti, Luigi, 20–2, 23, 158, 491n66 Monetary Normalisation Fund, 131 Lytton Report (1932), 160 monetary policy: and BIS views of, 121, 134, 142–3, 194, 288, 324, 429, 465, 475–6; and McCloy, John, 301 end of interwar gold standard, 117, 122–3; McCracken, Paul, 586n92 and eurocurrency market, 457, 460–9; and Macdonald, Donald, 317, 361, 377, 424, London World Economic Conference 581n183 of 1933, 137–8; role of in determining MacDonald, Ramsay, 116, 137, 493n20, international monetary cooperation, 11; of 529n186 U.S. in 1930s, 168–9. See also exchange McDougall, F. L., 579n151 rates; international monetary systems McFadden, Louis T., 68, 70, 506n46 Monick, Emmanuel, 177, 178, 275, 279, 292, McGarrah, Gates W., 48, 61, 62, 63, 66–7, 70, 538n84 71, 73, 78–9, 91, 101–2, 105, 175, 500n162, Monnet, Jean, 319

724 Index

Moreau, Émile, 30, 37, 38, 61, 124–5, 493n25, and currency crisis in 1969, 446–7, 448; 494n55, 495n71, 504n11 and European Payments Union, 338; and Morelli, Giampetro, 583n29, 605n33 German transfer crisis, 152, 153; and Moret, Clément, 43, 61, 76, 143, 494n55, international relations in 1930s, 166; and 495n71, 498n114, 498n116, 508n91, Tripartite Agreement, 179, 181; and World 524–5n127 War II, 219, 257 Morgan, J. P., 45, 46, 70, 82, 155, 494n55, Netherlands Bank, 49, 68, 134, 206, 219, 241, 497n102. See also J.P. Morgan & Co. 277, 281, 294, 416, 444 Morgan, Shepard, 36, 37–8, 54 neutrality, and BIS during World War II, Morgenthau, Henry, Jr., 170, 180, 235, 261, 201–4, 213–19, 224–6, 235-8, 257–9 268, 556n160 Newsweek (magazine), 430 Mori, Kengo, 494n55 Newton, Sir Isaac, 6 Morse, Sir Jeremy, 424, 468, 599n313, New York Times (newspaper), 53, 54 599n316 Niemeyer, Sir Otto, 184, 207, 213, 232, 551n82 Moscow Narodny Bank, 348–9 Nixon, Richard, 434 Multilateral Monetary Compensation Nordlander, Carl-Hendrik, 585n60 Agreement (1947), 301–4, 313–14 Norman, Montagu: and capital of BIS in early multilateral surveillance (G10), 368, 402, 407, 1930s, 68–9; and central bank cooperation 477 as mission of BIS, 17, 18, 19, 23, 493n27; Mussolini, Benito, 29, 252 and conversations with Harrison, 535n37; Mutual Security Administration (MSA), 338 and Credit-Anstalt crisis, 91, 516n94, 516n98; and Czechoslovak gold affair, 208, National Bank of Austria, 69, 90, 91–2, 93, 210, 212, 547n40, 548n49, 548–9n51–2; 96–7, 108, 110, 111, 193, 298. See also and economic research, 192; and end Austria of interwar gold standard, 116; and National Bank of Belgium, 40, 48, 108, 195, establishment of BIS, 38, 53, 56–8, 60, 206, 218, 241, 249–50, 281, 294, 416. See 61; and German transfer crisis, 152, 153, also Belgium 551n82; Great Depression and German National Bank of Bulgaria, 69, 243, ﬁnancial crisis, 102, 104, 105, 113; and 558n188–9. See also Bulgaria idea of central banks’ club, 30; and National Bank of Hungary, 69, 97–8, 108, 241, international relations in 1930s, 163–4; 248–9, 277, 580n175, 582n192. See also and London Conference of 1933, 138, Hungary 142, 145, 524n116, 527n152; on long-term National Bank of Poland. See Bank Polski; lending by BIS, 75; and Luther, 517n108; Poland and monthly meetings at BIS, 475; and National Bank of Romania, 69, 243–4, research of Monetary and Economic 559n191–3. See also Romania Department of BIS, 195; and Schacht, 30, National Bank of Yugoslavia, 109, 219, 249, 152, 200, 273, 357, 475; on stabilisation 506n55. See also Yugoslavia of Spanish currency, 79–81; and Strong, nationalisation, of central banks in postwar 491n45; on trade liberalisation, 534n10; Europe, 293–4 and unofﬁcial meetings of BIS in late nationalism: and central bank cooperation 1930s, 197, 200 under classical gold standard, 16; and Norway: and Bretton Woods, 268; and end of economics in 1930s, 160; European interwar gold standard, 116; and shares in Economic Community and economic, early BIS, 69; World War II and German 311–12; and Great Depression, 85; working occupation of, 217. See also Bank of climate of BIS in early 1930s, 66–7. See Norway also foreign relations Nelson, T. P., 593n198 O’Brien, Sir Leslie, 368, 395, 397, 398–9, 412, Netherlands: BIS and mutual support in 420, 423–4, 425, 467, 473, 583n25 1960s, 381; and Bretton Woods, 269; OEEC. See Organisation for European and capitalisation of early BIS, 68; Co-operation

Index 725

Okun, A. M., 431 prosperity index, and reparations, 31 organisation, of BIS: after end of Bretton prudential issues, and eurocurrency market, Woods, 440; and end of reparations, 456–7, 469–71 119–23; and first operations in early 1930s, Puhl, Emil, 225, 228, 229, 236, 254–5, 63–7, 64; and staff in late 1930s, 183–5; 552n112, 555n145 and structure in 1950s, 322. See also Baden-Baden committee Quarterly Journal of Economics, 54 Organisation for European Economic Quesnay, Pierre: on common unit of currency, Co-operation (OEEC), 305–8, 310, 540n123, 563n20; and Credit-Anstalt crisis, 339–46 93, 94; death of, 184; and establishment of Ossola, Rinaldo, 421 BIS, 36, 40, 43, 56–8, 60, 61, 497n102; as Ottawa Conference of 1932, 137, 161, 264 General Manager of BIS, 62; and German Overby, Andrew, 279 reparations, 71; and gold standard, 132; and Monetary and Economic Department pacifism, and World War II, 212 of BIS, 193; and organisation of BIS in Padoa-Schioppa, Tommaso, 606n54 late 1930s, 184; on Spanish currency Pakistan, and conflict with India, 411, 412 stabilisation, 78–9, 80, 81, 82, 509n110 Pallain, Georges, 490n40 Parmentier, Jean, 494n55 Rainoni, Antonio, 321 Parsons, Maurice, 589–90n150 Ranieri, L., 495n70 Perkins, Thomas N., 494n55 Rasminsky, Louis, 365, 474, 585n58 Pester Ungarische Commercial Bank, 98 Raw, Rupert, 393, 593n194 Péteri, G., 493n27 Realpolitik, and Czechoslovak gold affair, Pilotti, Raffaele, 184, 193, 252, 253 211–12 Pirelli, Alberto, 494n55 Red Cross, 244–5 Poincaré, R., 20, 27, 28, 29, 32 refugees, and Switzerland during World War Poland: appeasement and start of World War II, 222 II, 212–13; and BIS in 1950s, 319; and end Reich loans. See Dawes Plan and Dawes loan; of interwar gold standard, 116; and IMF, Young Plan and Young loan 580n172; as shareholding member of early Reichsbank: and Bretton Woods, 281; and BIS, 69. See also Bank Polski central bank cooperation in 1920s, 30; political science, and theoretical literature on and Czechoslovak gold affair, 204–13, cooperation, 10–11 258; and German transfer crisis, 151, 152, politics: and “above politics” illusion of BIS, 153–4, 155; and gold transactions with 479–82; and appeasement policy during BIS, 245–52, 258–9; Great Depression and World War II, 211–12. See also autarky; German financial crisis, 101, 102, 103, 104, foreign relations; nationalism 105, 108, 111; and World War II, 224–5, Pompidou, Georges, 428, 446 227–31, 245–52, 258–9. See also Germany Porters, R. H., 98, 184 Reisch, Richard, 56, 91 Portugal: and BIS during World War II, 238; Reparation Commission, 25–6 invitation to join BIS in 1950s, 319 reparations: and banking operations of BIS, postal administrations, BIS and international 70–2, 186; and economic difficulties settlements among, 189–91, 248–9 of Germany in 1930s, 86; and German presidents, of BIS, 183–4, 224–6, 297, 321. transfer crisis, 149–57; and Great See also Beyen, Johan Willem; Fraser, Depression, 87–8, 129; and Lausanne Leon; Frère, Maurice; Holtrop, Marius; Agreement (1932), 131; and negotiations McGarrah, Gates W.; McKittrick, Thomas at end of World War I, 24, 25–7, 28, 32, H.; Trip, Leonardus J. A.; Zijlstra, Jelle 33–9, 45–7; reorganisation of BIS at end price stability, BIS advocacy of in 1950s, 325 of, 119–23; and research of Monetary and Primo de Rivera, Miguel, 78 Economic Department of BIS in late 1930s, profits and profitability, of BIS. See balance 193. See also Dawes Plan; Germany; sheet; capital; income international payments; Young Plan

726 Index

research. See Monetary and Economic second Sterling Group Arrangement. See Department Sterling Group Arrangement Reserve Bank of Australia, 361 secretary general, of BIS, 63, 184. See also Revelstoke, Lord, 494n55 d’Aroma, Antonio; Ferrari, Alberto; Pilotti, Reynaud, Paul, 212 Raffaele Reynolds, E., 497n102 Serpa, C. A., 602n356 Reynolds, Jackson, 40, 47, 508n82 Servan-Schreiber, P., 355 Rist, Charles, 94, 141, 523n104 Siepmann, Harry, 61, 544n192 Ritschl, A., 157 Simmons, B., 34, 495n60 Robot plan, 340–1, 579n151 Simon, Hans, 26, 92, 112, 192 Rodd, Francis, 63, 91, 93, 504n19, 512n32–3 Simon, Sir John, 209–11, 546n23 Rodenbach, Constantin, 192 Six-Day War (1967), 398, 414, 462, 608n100 Romania: as shareholding member of BIS, 69; Skidelsky, R., 270, 563n18 and World War II, 243–4, 559n190. See Smith, A. L., Jr., 562n245 also National Bank of Romania Smith, Jeremiah, Jr., 54, 266, 501n192 Rome, Treaty of (1957), 311–12, 439, 441, 447 Smithsonian Agreement (1971), 435, 448 Roncagli, W., 497n102 Smoot–Hawley Tariff Act (U.S., 1930), 85 Roosa, Robert V., 372, 376, 402, 406, 595n232 “snake in the tunnel”, and Basel Agreement, Roosa bonds, 388 449, 451 Roosevelt, Franklin D., 118–19, 146, 164–5, Snowden, Philip, 39, 40, 41 166, 177, 182, 211–12, 528n174, 539n99 Snoy, J., 605n43 Rooth, Ivar, 69, 198, 226, 251, 507n59 Sonoda, Saburo, 494n55, 497n102 Rothschild Bank, and gold standard before South Africa: and end of interwar gold 1914, 14 standard, 116; and gold supply in 1960s, Royot, G., 64, 322, 581n183 412, 413, 597n278, 598n295 Rueff, Jacques, 20, 208–9, 339, 403, 439, South African Reserve Bank, 361 491n60 Soviet Union: central banks and BIS in 1950s, Russia. See Soviet Union 348–9; and Gold Pool in 1960s, 379, 412, 413; World War II and occupation of Baltic Saito, O., 61 states, 218–19 Sayers, R. S., 18, 182, 491n55–7, 535n30, Spa Conference (1920), 25–6 544n185 Spain: and Civil War in 1930s, 160; early Schacht, Hjalmar: and Czechoslovak gold operations of BIS and gold convertibility, affair, 212; and establishment of BIS, 36, 77–83, 509n104, 510n113–14; and 37, 38, 41, 42, 43, 51, 55, 60, 61, 497n102; European Monetary Agreement, 345; and and German reparations, 33, 34, 70, 86, invitation to join BIS in 1960, 319. See also 494n55, 532n213; and German transfer Bank of Spain crisis, 151, 152, 153, 154, 157; and Hitler, special drawing rights (SDRs), and 533n224, 549–50n60; and Tripartite International Monetary Fund, 356, 407–10, Agreement, 177; and unofﬁcial meetings of 415, 429 BIS in late 1930s, 196, 200; and World War Sprague, Oliver, 145, 528n163 II, 227, 228. See also Reichsbank Sproul, Allan, 586n92 Schenk, C., 454, 595n237 stabilisation loans, and gold convertibility of Schindler, Dieter, 218–19, 549n56, 551n87 Spanish peseta, 77–83 Schleiminger, Günther, 328, 332, 337, 576n96, staff, of BIS, 37, 65–6, 119, 179, 185, 196–7, 577n111, 579n148, 580n162, 583n29 220–3, 304, 362, 477, 482, 485 Schubert, A., 89, 512n29, 514n63 Stamp, Sir Josiah, 494n55 Schuker, S. A., 515n81 Standing Committee on Euro-Currency Schuman Plan, 430 Market, 465–7, 468–9. See also G10 Schwegler, Walter, 393 State Bank of the USSR, 240 Schweitzer, Pierre-Paul, 407–8, 420, 465 statistics: and eurocurrency market, 458–60, Scitovszky, Tibor, 97 469; and monthly meetings of BIS, 476–7;

Index 727

and multilateral surveillance, 402; and Tabellini, G., 490n28 research of Monetary and Economic Tamagna, Frank, 175, 538n77 Department of BIS in late1930s,193–5; and Tanaka, Tetsusaburou, 43, 61, 497n102 Wiggin and Beneduce committees, 128–9 Terlinden, Baron, 494n55 Statutes, of BIS: on establishment, 48–52; and Théron, Marcel, 414, 448 reorganisation at end of reparations, 120–1; Theunis, Georges, 218 and U.S. Federal Reserve System, 174–5 Toynbee, Arnold, 106 sterling balances, 162, 331–2, 389, 393–7, trade: and BIS Annual Reports in 1950s, 423–5 326–7; liberalisation of European in Sterling Group Arrangement (ﬁrst and second), 1950s, 310–11; London Conference of 394–5, 423–6, 593n201, 600–1n327 1933 and tariffs, 137; and neutrality at sterling standard: BIS role in second Sterling beginning of World War II, 203; and Group Arrangement, 423–6; and United postwar reconstruction of Europe, 284–5; Kingdom in 1960s, 388–99, 600–1n327 protectionism and Great Depression, 85; Stewart, Walter, 36, 193 rapid expansion of international in 1960s, Stimson, Henry Lewis, 46 351–2, 573n15 Stopper, Edwin, 599n317 transfer crisis, and Germany in 1930s, 149–57 Strakosch, H., 133 Traylor, Melvin A., 47, 497n102, 499n147 Stresemann, Gustav, 32–3 Trepp, G., 562n245 Stringher, Bonaldo, 61 Trifﬁn, Robert, 9, 346, 353, 356, 372, 400, Strong, Benjamin, 17, 19, 20, 23, 31, 45, 168, 582n10, 596n244–5, 606n47 169, 491n45, 491n60, 494n44 Trip, Leonardus J. A., 132, 134, 138, 142, Suez crisis (1967), 398 143–4, 146, 162, 167, 178, 181, 183–4, Suvich, Fulvio, 494n55 525n135, 527n148, 538n90, 540n119, Sveriges Riksbank, 68, 185. See also Sweden 551n90 swap network, and international monetary Tripartite Agreement (1936), 175–82, 257, 262, system, 387–8 539n102 Sweden: and capitalisation of early BIS, Tripartite Commission for the Restitution of 68; and end of interwar gold standard, Monetary Gold (1945), 276, 278, 566n71, 116; and neutrality during World War II, 567n81 202–3, 226–7; and participation in G10 Trust Agreement, of BIS, 44 committees, 365, 381. See also Sveriges trustee, and role of BIS in German transfer Riksbank crisis, 149–57 Swiss National Bank (SNB), 186, 195, 224, Tüngeler, Johannes, 414, 588n122, 597n272, 225–6, 235–8, 241, 247, 249–51, 252–5, 598n279 387, 461. See also Switzerland Turkey: and European Monetary Agreement, Switzerland: BIS and Swiss Postal 343, 345; invitation to join BIS in 1950s, Administration, 190; and capitalisation 319; and neutrality during World War II, of early BIS, 68; daily life at BIS 242–3 during World War II and, 220–4; and establishment of BIS, 43–4, 48, 50, 56; Ungarische Allgemeine Creditbank, 98 and German transfer crisis, 152, 153; United Kingdom: Baden-Baden committee and gold content of franc, 542n159; and and establishment of BIS, 39–40; and international relations in 1930s, 166; and Bretton Woods, 267, 269, 271–6; and neutrality during World War II, 203, Czechoslovak gold affair, 208–11; and 226–7, 235–8, 545n1; and Tripartite devaluation of pound in 1949, 314–15, Agreement, 179, 181; World War II and 573–4n37–8; and end of interwar gold restrictions on German gold deliveries, standard, 115–16, 132; and European 247. See also Swiss National Bank Economic Community, 603n11; and Sylla, Richard, 456 European Monetary Agreement, 340–3, Szász, André, 606n45 344–5; and European Payments Union, Szymczak, P., 320 328, 329–30, 331–2; and Exchange

728 Index

Equalisation Fund, 165; and German in late 1930s, 198–200; World War II reparations after World War I, 25–7; and and relations with BIS, 214, 224, 233–5, German transfer crisis, 153; and Gold 236, 240–1, 256. See also Federal Reserve Pool operations in 1960s, 375–81; and Bank of New York; Federal Reserve Great Depression, 88, 105, 107, 109; System and international relations in 1930s, 161; Universal Postal Union (UPU), 189–91 and London Conference of 1933, 137, Urbig, Franz, 127, 521n62 140, 145, 146; and response to creation of BIS, 60; and sterling in 1960s, 388–99, Van de Burgt, Th. G. J. M., 501n168 600–1n327; and Tripartite Agreement, Vandeputte, Robert, 467 175–82; and World War II, 213, Vanderlip, Frank, 23 232–3, 256. See also Bank of England; Van Hengel, Adrianus Johannes, 93, 112–13, London 517–18n128–9 United Nations, and ﬁnancial neutrality during Van Meerten, Michelangelo, 24, 667 World War II, 216 Van Tonningen, Rost, 551n90 United States: ambiguity of on establishment Van Zeeland, Marcel, 61, 63, 74, 184, 185, 241, of BIS, 44–8, 53–4, 60; and banking 244, 245, 297, 559n191, 583n18 crisis in 1970s, 470; Baring crisis of Van Zeeland, Paul, 166, 262, 331, 497n102, 1890 and central bank cooperation, 15; 563n11 and Basel Agreement, 384; and bilateral Versailles, Treaty of (1919), 24, 25, 86, 110, concerté, 387; and BIS operations in 119, 150 postwar years, 299–300; and Board Victor Emmanuel III, King of Italy, 253 of BIS in 1950s, 319–20; and Bretton Vietnam War, 411, 412, 415, 462 Woods, 268, 271–6, 428–36; and capital Viner, Jacob, 166, 288 of BIS in early 1930s, 68; and currency Vinson, Frederick, 275, 565n45 realignments in 1949, 315; and discussions Vissering, Gerard, 22, 69 on BIS representation in 1960s, 364; and Vocke, Wilhelm, 102, 138, 295, 336, 497n102, end of interwar gold standard, 117–19; 569n65 and eurocurrency market, 454, 456; and Volcker, Paul, 429 European Monetary Agreement, 340–1, Voluntary Foreign Credit Restraint Program 345; and European Payments Union, (1965), 456 332; and European recovery in postwar von Korsigk, Count Schwerin, 154 years, 285; and European rescue of Von Mangoldt, Hans Karl, 578n137 dollar in 1960–61, 369–75; and German Von Philippovich, Max, 192, 194–5 reparations after World War I, 25–7; and Voorhis, J., 235 German transfer crisis, 153; and gold dollar standard in post–World War II Waley, Sir David, 565n50 period, 9; and Gold Pool in 1960s, 375–81, Wallenberg, Marcus, 127, 521n61 417; and Great Depression, 84, 86–7, Washington Agreement (1948), 278, 567n81 102, 105, 107, 109, 114; and international Watergate scandal, 436 monetary system in 1960s, 350–7; and Weber, Ernst, 224, 242 international relations in 1930s, 161; and Weenink, W. H., 540n122 investments in early years of BIS, 74; Weiser, Felix, 547n32, 547n34 involvement with BIS in 1930s, 167–75; Weizsäcker, G., 228 and London Conference of 1933, 137, 145, Werner, Pierre, 447 146; and OEEC, 305–8; policy stance on Werner Plan, 444–52 reparations and establishment of BIS, 38; White, Harry Dexter, 182, 260, 263, 265, 268, relations with BIS at beginning of World 275, 556n160, 563n16 War II, 203–4; representation of central Wiggin, Albert, 123, 125 banks at BIS, 49–50; trade with Europe Wiggin Committee (1931), 105–6, 123–7 in 1950s, 311; and Tripartite Agreement, Wilhelmina, Queen of the Netherlands, 219 175–82; and unofﬁcial meetings of BIS Wilmars, Mertens de, 449

Index 729

Wilson, Harold, 390, 398, 399, 593n202, 201–4, 213–19, 224–6. See also Allies; 601n335 Axis Wilson, Woodrow, 44–5 Wormser, Olivier, 445–6 Wold, Knut Getz, 564n30, 580n160 Wolff, Julius, 21, 22 Yamamoto,Yoneji, 231, 555–6n147 Wood, Sir Kingsley, 232–3 Yokohama Specie Bank, 74, 231 Woodin, William H., 169–70, 536n47 Young, Owen D., 33, 34, 36, 38, 45, 46, 47, Working Party 3 (WP3), 407 493n20, 494n55 World Bank, 261, 301, 566n62 Young Plan and Young loan, 33–9, 47, 61, World Economic Conference. See London 70–2, 150–7, 504n15 World Economic Conference Yugoslavia: and BIS in 1950s, 319, 347–8; and World Postal Union, 248 end of interwar gold standard,116; and IMF, World War I: and central bank cooperation, 580n172; and international lending during 16–20; and gold standard, 7–8. See also Great Depression, 99; as shareholding Germany; reparations member of early BIS, 69; and World War II, World War II: BIS and gold transactions 219. See also National Bank of Yugoslavia during, 245–56, 557n171, 557n175; and Yugoslav Railway Administration, 249 business activity of BIS, 238–45; conduct of BIS during, 256–7; and Czechoslovak Zijlstra, Jelle, 349, 358, 419, 420, 425, 434, gold affair, 204–13; and ﬁnancial crisis 467, 583n19, 589n138 of 1931, 107; neutrality and BIS during, Zimmerman, H., 585n80