Monetary, credit and financial institutions. Generally, they may be called the international financial

institutions:

• the Bank for International Settlements (BIS)

• the International Monetary Fund (IMF)

• the World Bank

• the regional development banks

• monetary, credit and financial institutions of the European union.

Let us consider the activities of the above-mentioned international financial institutions.

Bank for International Settlements (BIS) is an institution, with head offices in Basle, set up

On the basis of a proposal by the Young Committee in 1930. The original purpose was to enable the

Various national central banks to coordinate the receipts and payments arising mainly from German

War reparations. It was hoped, however, that it would develop beyond this, but many of the

Functions which it might have performed were in fact taken over by the International Monetary

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Fund after the Second World War. It has, however, in recent years played a more active part in

Attempting to mitigate the effects of international financial speculation and acts as a trustee for

International government loans. In 1996 the BIS had thirty-two members but in that year invited a

further nine financial institutions to subscribe to the Bank’s equity, in Brazil, China, Hong Kong,

India, Korea, Mexico, Russia, Saudi Arabia, and Singapore (Now — 34 members).