"The BIS is a unique institution: an international organization, an extremely

profitable bank and a research institute founded, and protected, by international

treaties.

14 The BIS is accountable to its customers and shareholders—the central

banks—but also guides their operations. The main tasks of a central bank, the

BIS argues, are to control the flow of credit and the volume of currency in

circulation, which will ensure a stable business climate, and to keep exchange

rates within manageable bands to ensure the value of a currency and so smooth

international trade and capital movements. This is crucial, especially in a

globalized economy, where markets react in microseconds and perceptions of

economic stability and value are almost as important as reality itself."

Adam Lebor, Tower of Basel

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