Quote of the week from Hormats
(Robert D. Hormats, "Abraham Lincoln and the Global Economy", Harvard Business Review, August 2003). Hormats, who has been at the top of Goldman Sachs for 20 years following a precocious career in government service in the US, says that the consensus in the United States on the need for a central bank had to grow out of many years of debate. It could not be imposed from outside. The Federal Reserve was only established in 1913.
Food for thought, now that it is America, through the IMF, that tends to force its own conception of central banking on other countries.
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