Central bankers’ cosy retreat

Gianni Toniolo has written a splendid book that is at the same time a conceptual exploration of the possibilities and limits of central bank cooperation and a history of the Bank for International Settlements. At the outset of the book he rightly asks what is meant by cooperation between central banks, and sets out to explore the answer to that question as realised at the BIS. It was not a matter of simply organising financial support; rather the primary role was to lie in the evolution of a

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