"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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