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  • The BIS in Pictures, 1973–2020
  • Edited by Claudio Borio, Stijn Claessens, Piet Clement, Robert N. McCauley, Hyun Song Shin
  • Book: Promoting Global Monetary and Financial Stability
  • Published online: 10 April 2020
  • Print publication: 30 April 2020, pp 94-111
  • View extract

    Summary

    This chapter provides an historical account of why the institutional setting of the BIS has been conducive to the emergence of soft law as a critical tool for managing the global financial system. Soft law developed almost naturally at the BIS as a result of the many technocratic issues it was called on to deal with throughout its long history – be it German reparation payments in the 1930s, the management of the Bretton Woods system of fixed exchange rates in the 1960s or growing financial stability concerns in the 1970s and 1980s and beyond. The Basel I Capital Accord, adopted in 1988, was a political and regulatory watershed in that respect – a non-binding code of conduct agreed by an informal committee of experts (the Basel Committee on Banking Supervision), that was subsequently implemented by national legislation in all the main constituencies. The chapter argues that the relative success of soft law in financial regulation owes a lot to the particular set-up and traditions of the BIS. However, it concludes that in order to be successful in future, soft law – much like the BIS – will have to become ever more inclusive and transparent.

Promoting Global Monetary and Financial Stability
  • Promoting Global Monetary and Financial Stability
  • The Bank for International Settlements after Bretton Woods, 1973–2020
  • Edited by Claudio Borio, Stijn Claessens, Piet Clement, Robert N. McCauley, Hyun Song Shin
  • Published online: 10 April 2020
  • Print publication: 30 April 2020
  • View description
    As the global organisation of central banks, the Bank for International Settlements (BIS) has played a significant role in the momentous changes the international monetary and financial system has undergone over the past half century. This book offers a key contribution to understanding these changes. It explores the rise of the emerging market economies, the resulting shifts in the governance of the international financial system, and the role of central bank cooperation in this process. In this truly multidisciplinary effort, scholars from the fields of economics, history, political science and law unravel the most poignant episodes that marked this period, including European monetary unification, the paradigm shifts in economic and financial analysis, the origins and influence of macro-financial stability frameworks, the rise of soft law in international financial governance, central bank crisis management in the wake of the Great Financial Crisis, and, finally, the institutional evolution of the BIS itself.

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