6 - The Bank for International Settlements

Summary

This chapter is a reflection or insider’s view provided by a former President of the Federal Reserve Bank of New York and long-standing member of the BIS Board of Directors, William Dudley. Based on his first-hand experience, and in reference to the crucial decade following the global financial crisis of 2007–9, his contribution reflects on the usefulness of the BIS as the global cooperative organisation of central banks. The BIS continues to play a crucial role as a forum for information exchange and discussions among central bankers and for informal networking. In addition, through its research, meetings and policy work it enables international consensus-building with a view to promoting global financial stability. The contribution also identifies some areas in which the BIS can and should further improve, in particular in terms of its transparency, diversity and inclusiveness. The efficient coordination of work and the ongoing cooperation between the BIS and the other key stakeholders in the international financial system, in particular the IMF and the World Bank, also figures high on the agenda.