Monies that Matter, on the Discursive Power of the Bank for International Settlements

The Bank for International Settlements (BIS) and its committees perform an increasingly important systemic regulatory role on the global financial markets, as well as for national monetary policies. In this article I argue that the cooperation and coordination among central banks makes this communit...

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Bibliographic Details
Published in:	Globalizations 2016-03, Vol.13 (2), p.203-216
Main Author:	Andersson, E.
Format:	Article
Language:	eng
Subjects:	Bank for International Settlements Banking central bank cooperation Central banks Committees Community Cooperation Coordination Discourse financial regulation Globaliseringsstudier Globalization Studies International cooperation International finance Markets monetary polic y monetary policy Performativity Policy making Political power Power structure Regulation of financial institutions Selfimage Speeches
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Summary:	The Bank for International Settlements (BIS) and its committees perform an increasingly important systemic regulatory role on the global financial markets, as well as for national monetary policies. In this article I argue that the cooperation and coordination among central banks makes this community vital for global discourse formation around monetary policies and financial interaction. The self-image displayed in speeches and evaluations of BIS representatives indicate that the community influences national economies. Using the concept of performativity for analysing the power dynamics of the BIS community, the article argues that cooperating central banks have considerable influence on economic interaction both nationally and globally. The nature of this political influence is not conspiratory or intentional, but embedded in the economistic interaction within and around the BIS.
ISSN:	1474-7731 1474-774X