Who controls the Bank for International Settlements?
It is now wholly owned by its member central banks. Member banks include the Bank of Canada, the Federal Reserve Bank and the European Central Bank.
Is the Bank of international settlements the World Bank?
No, the BIS is not part of the World Bank. The World Bank and the IMF are very similar. The main difference is that the IMF focuses on international cooperation in the face of economic turmoil, whereas the focus of the World Bank is on helping countries develop and promoting foreign investment.
What is a bank for an international settlement? What are its roles and how does it work?
BIS or bank of international settlements is based in Basel Switzerland. It is the foremost governing body of banking regulations globally.The key role played by BIS is to guide banking regulations in light of changing geo policitcal and economic landscape across countries. Additionally it governs banking policy and guidelines covering various aspects of the banking business.It’s main duty is to ensure that policy and guidelines that drive regulation helps maintain stability and security of the banking system so as to safeguard depositors and shareholders at the same time.We must understand a key difference in the role played by BIS in that it is not a regulator. It’s job is to propose regulations and not enforce them. Each local regulator has the choice to either accept BOS guidelines or modify them to suit their local country monetary policy.The most notable contributions in the recent past have been the BASEL Accords that drive capital adequacy regulations especially those covering accords 1 to 4.Find more at http://bis.org
How does the Bank of International Settlements fit in with the IMF, World Bank, and the New World Order?
See What is the difference between the IMF and the World Bank?for the answer to part of that question. The IMF is basically supposed to give loans to countries that are having balance of payments difficulties, while the World Bank lends money for development projects. But I think both have suffered from “mission creep” over the years.The BIS acts as a central bank for central banks. It brings together central bankers and financial system regulators to discuss common problems. According to Wikipedia, it’s an international financial institution owned by central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks.” The BIS carries out its work through its meetings, programmes and through the Basel Process – hosting international groups pursuing global financial stability and facilitating their interaction. It also provides banking services, but only to central banks and other international organizations.As for the New World Order, it doesn’t exist, except in the minds of various conspiracy guys.Nonetheless, you might be interested in reading “The New Confessions of an Economic Hitman” to read how the activities of the IMF and World Bank might not be as humanitarian and high-minded as they would like you to think.
What international institutions perform settlements of funds transfers?
There is BIS (Bank of International Settlements - http://www.bis.org) that does settlement for member central banks. Also, most of the forex clearing/trading is done by CLS Group (http://www.cls-group.com/).There isn't any escrow per se, its all ledger settlements between the member banks, and either through their correspondent banks or central banks.
Who are the key players in the Bank of International Settlements (BIS) in Switzerland?
Jaime Caruana (ex Governor of the Bank of Spain) is the General Manager. The Monetary and Economics Department is headed up by Claudio Borio and Hyun Song Shin.
Is there any international banking law?
Letter of Credit (L/C) is perhaps the only banking law that is international. Though it does take a few changes here and there, it is pretty much an international element. The Institute of International Banking Law & Practice is a not-for-profit educational and research organization dedicated to achieving a better understanding of banking law and practice and their relationship to each otherNot a law per se, but as guidelines, the Bank of International Settlements (in Basel, Switzerland) is often referred to as the Central Bank of all Central banks. They publish a lot many guidelines, etc. (for example the Basel II/III Frameworks comes from BIS).For further reading...Letter of creditIIBLP, Institute of International Banking Law & PracticeInstitute of International Banking Law & PracticeBank for International Settlements
Why does the Bank for International Settlements want to see higher interest rates?
Because if everybody follows what Americans are doing then the ensuing chaos may be difficult to correct consequent to that. No economic text book directs or teach anyone about low interest rates. The only help it did to Americans was to create few bubbles and create enough low interest loans that could be deployed in 3rd world countries, which will be the case in third world countries too if they mimic what they did in US at that point in time.
How do bank transfers work internationally?
Yes, there are international organizations that clear bank payments, many of them, one such organization in the Bank of International Settlements, that does clearing for Central Banks.Banking today depends on the double-entry accounting, i.e. double-entry ledger system.Here are some pertinent answers you may wish to read:Faisal Khan's answer to How does money transfer between banks and different countries work?Faisal Khan's answer to How does the settlement of payments work in banks? Specifically, how do payment systems that are connected to multiple banks actually settle the amount between two banks?Faisal Khan's answer to How do governments transfer money to each other? What are the practical implications of a ‘bailout’? Who ‘presses a button’ to make the transfer, and where does that money go (and come from)? Do governments have their own ‘bank account’?Faisal Khan's answer to Where are countries' bank accounts held?
Which one is the central bank of all countries' central bank?
Although not technically and formally an international central bank, the Bank of International Settlements (BIS) is informally referred to as the central bank of central banks. The BIS, based in Basel, Switzerland, has 60 member central banks, representing countries from around the world that together make up about 95% of world GDP.From the BIS Website:The mission of the BIS is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.In broad outline, the BIS pursues its mission by:fostering discussion and facilitating collaboration among central banks;supporting dialogue with other authorities that are responsible for promoting financial stability;carrying out research and policy analysis on issues of relevance for monetary and financial stability;acting as a prime counterparty for central banks in their financial transactions; andserving as an agent or trustee in connection with international financial operations.