Courtesy Reuters

AMEMBER of the Young Committee of 1929, which recommended the creation of a Bank for International Settlements, was asked what the Bank was going to do. "I don't know," he replied. "The important fact is that it exists. Unforeseen opportunities for service in the field of international finance will come to it as time unfolds. The conception is sound; the need is real; only the long future can answer your query."

In some measure this reply holds good today, for the Bank's greatest possibility of usefulness still lies ahead. While its past has been active and fruitful, any continuous, constructive development

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