Les banques centrales à l'échelle du monde
L'internationalisation des banques centrales des débuts du xxe siècle à nos jours
With Muriel Bordogna, Elena Cavalieri, Frédéric Clavert, Philip L. Cottrell, Harold James, Jacques de Larosière, Arnaud Manas, Ileana Racianu, Isabelle Vaillant, Kazuhiko Yago
Central Banks at World Scale
The Internationalisation of Central Banks from the Early 20th Century to the Present
Whether we like it or not, the central banks -at the heart of the global economic and financial crisis since 2007 - oversee the stability of the world financial system, assuming in particular the role of international lenders of last resort.
Under what conditions can central banks fulfil this new function? On what basis is the legitimacy of their global governance founded? The answer is first and foremost historical, for the unstoppable evolution of these institutions in the space of a century cannot be dissociated from mutations in the money market, the globalisation of production systems and the continuous erosion of the sovereignty of Nation States and national societies.
This book recalls the history of the internationalisation of central banks from the fundamental ruptures of WW1 to today's Euro crisis. The analyses of historians and specialists converge to acknowledge the political nature of the dynamism of that internationalisation – not the least optimistic lesson of this most contemporary narrative.