1970-1979

The BIS Chronology chronicles the main events relevant to the history of the Bank for International Settlements since it was created in 1929-30. Major financial, monetary and world events that are not directly related to the BIS, but that have had an impact on it, are listed in italics.

 

1970
2 Jan		Central banks of Canada and Japan become BIS members
9 Feb		Agreement on system for short-term monetary support between European Community (EC) central banks signed in Basel
26 Oct		"Werner Report" on the creation of Economic and Monetary Union (EMU) among the EC countries submitted to the EC Council
23 Dec		BIS General Manager Ferras dies in car accident
31 Dec		Reserve Bank of Australia becomes BIS member
1971
22 Mar		EC Council of Ministers adopts the "Werner Report" on the realisation of EMU
18 Apr		G10 governors meeting in Basel establish Euro-Currency Standing Committee (ECSC)
19 Apr		EEC Committee of Governors announces reduced exchange rate fluctuation margins effective 15 June
1 May		René Larre takes up position as BIS General Manager
5 May		Foreign exchange markets close in Austria, Belgium, Germany, the Netherlands, and Switzerland
9 May		Floating of Deutsche mark and Dutch guilder leads to postponement of reduced exchange rate margins planned for 15 June
23 Jun		Agreement on terms of UK's entry in EEC on 1 January 1973
30 Jun		South African Reserve Bank becomes BIS member
15 Aug		President Nixon suspends gold convertibility of US dollar
18 Dec		Smithsonian Agreement: measures for monetary stability agreed by the G10 countries ("tunnel")
1972
10 Apr		Basel agreement for narrowing fluctuation margins between EC currencies adopted: the "snake" in the "tunnel"
23 Jun		Pound sterling leaves the "snake"
Sep		First meeting of the IMF-sponsored Committee of Twenty, set up to prepare a blueprint for the reform of the international monetary system
1973
1 Jan		Denmark, Great Britain, and Ireland join the EEC
13 Feb		US dollar devalued by 10%. Italian lira leaves the "snake"
19 Mar		Switch to block floating: "tunnel" disappears, but "snake" remains
6 Apr		Regulation on the establishment of the European Monetary Co-operation Fund comes into force
1 Jun		European Monetary Co-operation Fund (EMCF) becomes operational; BIS assumes functions of Agent
10-17 Oct		OPEC raises oil prices by 70%; start of first "oil shock"
Nov		Central bank agreement to refrain from gold operations on the free market (Washington agreement of March 1968) officially buried
Dec		BIS starts collection and publication of quarterly Euro-currency market statistics (or locational banking statistics), covering twelve European countries plus Canada, Japan, and the US
1974
17-18 Jan		Committee of Twenty (C20) meeting in Rome: attempt at full-scale reform of the international monetary system abandoned; generalised exchange-rate floating
19 Jan		French franc leaves the "snake"
Jun		Bankhaus Herstatt collapses: it is the biggest bank failure in Germany since 1931
Oct		Franklin National Bank (United States) collapses
Dec		In response to bank failures, the G10 Governors establish the Basel Committee on Banking Regulations and Supervisory Practices
1975
Feb		First meeting of the Basel Committee on Banking Regulation and Supervisory Practices
8 Mar		Publication of "Marjolin Report" on EMU and on institutional and structural disparities between EC member states
19 Mar		Creation of European Unit of Account
10 Jul		French franc rejoins the "snake" at original parity
22 Sep		Agreement in principle reached between Switzerland and the EC on association of Swiss franc with the "snake" arrangement
15-17 Nov		Economic Summit of G6 at Rambouillet (France) endorses currency floating
20 Nov		Swiss Parliament postpones indefinitely the possible association of the Swiss franc with the "snake" arrangement
Dec		"Basel Concordat" calls on host- and home-country authorities to share supervisory responsibility for banks' foreign activities
1976
Jan		Alexandre Lamfalussy succeeds Milton Gilbert as BIS Economic Adviser
7-8 Jan		IMF agreement on use of SDRs
Mar-Apr		BIS takes up administration of the first EC borrowing operations
15 Mar		French franc leaves the "snake"
Jun		BIS together with G10 and Switzerland provides a $5.3 billion six-month credit facility to the United Kingdom
29 Sep		Sterling crisis; United Kingdom requests a standby arrangement from IMF
18 Oct		Exchange rate realignment within the "snake". Deutsche mark revalued by 2%
1977
3 Jan		Two-year standby IMF credit for United Kingdom of SDR 3 360 million
10 Jan		Announcement at BIS of $3 billion sterling balances facility organised by seven central banks (third Sterling Group Arrangement)
4 Apr		Further realignment within the "snake": devaluations of the Swedish, Norwegian and Danish crowns, followed on 5 April by devaluation of the Finnish markka
May		BIS completes move from the former Savoy Hôtel Univers to its new premises in Basel; the "Tower" officially inaugurated
28 Aug		Sweden leaves the "snake", further devaluations of Norwegian and Danish crowns
1978
Jan		The "BIS Data Bank" of monetary and economic statistical time series becomes operational
13 Feb		Norwegian crown devalued by 8%
16-17 Jun		Jacques de Larosière becomes Managing Director of the IMF
16 Oct		Realignment of the "snake": Deutsche mark revalued by 2% to 4% vis-à-vis other currencies
7 Nov		IMF borrows from Germany and Japan to assist US drawing of SDR 2.2 billion
4-5 Dec		European Council adopts the creation of European Monetary System (EMS), Exchange Rate Mechanism (ERM), and European Currency Unit (ECU)
12 Dec		Norway leaves the "snake" arrangement
1979
13 Mar		Establishment of the European Monetary System (EMS), absorbing the "snake", and creation of the European Currency Unit (ECU)
28 Jun		OPEC decrees oil price increase by 24%: second "oil shock"
24 Sep		EMS realignment: Deutsche mark revalued by 2% to 5% vis-à-vis other currencies
6 Oct		Fed increases US interest rates, convincing markets it will curb inflation
Nov		Publication of the first BIS Economic Paper ("Credit and liquidity creation in the international banking sector", by Helmut Mayer)
30 Nov		EMS realignment: Danish crown devalued by 4.76%

1960-1969

1980-1989