The secret power

The Bank of International Settlements has an intriguing history

By Adam LeBor  

(© BIS Media Centre)

For a financial institution that likes to keep a decidedly low profile, the Bank for International Settlements has been garnering a lot of publicity recently. Jaime Caruana, the BIS’s General Manager, has warned that central banks should prepare for a bumpy ride as they scale back on quantative easing–the proliferation of cheap money  that has helped spark asset-price bubbles.

But what exactly is the BIS and why should anyone care what it says?

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