Rosheim ( French pronunciation: [ʁo.sajm] ; Alsatian : Rose ) is a commune in the Bas-Rhin department in Grand Est in north-eastern France .
124-580: It lies 25 km (16 mi) southwest of Strasbourg , on the eastern slopes of the Vosges mountains . It is a winemaking town on the tourist "Road of the Wines of Alsace" and the Route Romane d'Alsace ("Romanesque route of Alsace") . Rosheim was first mentioned in a document in 778 as Rodasheim. In 1262 it received its town charter, combined with the right to build a town wall. From the 14th to 17th centuries, Rosheim
248-604: A simultaneous policy among all 60 member banks and also involving the International Monetary Fund . Central banks do not unilaterally "set" rates, rather they set goals and intervene using their massive financial resources and regulatory powers to achieve monetary targets they set. One reason to coordinate policy closely is to ensure that this does not become too expensive and that opportunities for private arbitrage exploiting shifts in policy or difference in policy, are rare and quickly removed. The stated mission of
372-598: A blueprint for an international currency that would be used for emergency lending to national central banks and would be issued by an institution based in a neutral country . In 1893, French economist Raphaël-Georges Lévy suggested to establish an international central bank in Bern . In 1907, Italian statesman Luigi Luzzatti published an article in the Austrian Neue Freie Presse , referencing past examples of bilateral cooperation between central banks and emphasizing
496-763: A blueprint for monetary unification subsequently adopted in the Maastricht Treaty (1992). In 1993, when the Committee of Governors was replaced by the European Monetary Institute (EMI – the precursor of the ECB), it moved from Basel to Frankfurt , cutting its ties with the BIS. In 1998, the BIS acquired a second building on Aeschenplatz 1 in Basel, designed in 1986 by Mario Botta and previously owned and used by UBS . Since then,
620-471: A country not directly involved in the reparations disputes. Subsequent fine-tuning discussions revolved around the scope for the bank's lending to foster economic growth and trade which would have given it a role similar to that of the later World bank . Such a role was advocated by Schacht but opposed by France and by commercial bankers, on the grounds that it could be inflationary and create unfair competition to private-sector lenders. An overall agreement on
744-512: A memo to Young a few days later, Schacht first used the name "International Settlements Bank" while referring to the projected new institution. Young asked his American peers Warren Randolph Burgess , Shepard Morgan and Walter W. Stewart to sail promptly to Paris, and on 7 March 1929 they presented a compromise text that formed the basis for subsequent developments. Under the Young Committee's consensus concept, made public on 10 March 1929,
868-626: A neo-classical castle and a small zoo ; the Parc de la Citadelle , built around impressive remains of the 17th-century fortress erected close to the Rhine by Vauban ; the Parc de Pourtalès , laid out in English style around a baroque castle (heavily restored in the 19th century) that now houses a small three-star hotel, and featuring an open-air museum of international contemporary sculpture. The Jardin botanique de l'Université de Strasbourg (botanical garden)
992-522: A novel form with a series of international monetary conferences devoted to better coordination of the coinage system, even though these initiatives, like the Latin Monetary Union started in 1865, did not extend to money other than coins, and therefore involved treasury and mint officials rather than bankers. At the Brussels Conference in 1892 , German academic Julius Wolff submitted
1116-468: A number of permanent public displays of its collections of scientific artefacts and products of all kinds of exploration and research. The commune of Strasbourg proper had a population of 291,313 on 1 January 2021, the result of a constant moderate annual growth which is also reflected in the constant growth of the number of students at its university (e. g. from 42,000 students in 2010 to 52,000 students in 2019). The metropolitan area of Strasbourg had
1240-539: A population of 853,110 inhabitants in 2019 (French side of the border only), while the transnational Eurodistrict had a population of 1,000,000 in 2022. In the Middle Ages , Strasbourg (a free imperial city since 1262), was an important town. According to a 1444 census , the population was circa 20,000; only one third less than Cologne , then a major European city. Strasbourg is the seat of internationally renowned institutions of music and drama: Other theatres are
1364-467: A prominent Nazi official, and Emil Puhl responsible for processing dental gold looted from concentration camp victims , as well as Hermann Schmitz , the director of IG Farben , and Baron von Schroeder , the owner of the J. H. Stein Bank [ de ] , all of whom were later convicted of war crimes or crimes against humanity. The 1944 Bretton Woods Conference recommended the " liquidation of
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#17330857893581488-437: A public international organization. It was a limited-liability company incorporated under Swiss law, whose shares could be held by individuals and non-governmental entities. However, the rights of voting and representation at the Bank's General Meeting were to be exercised exclusively by the central banks of the countries in which shares had been issued. At the same time, the BIS possessed de facto international legal personality,
1612-574: A quick start, even though its intended task of facilitating World War I reparation payments soon became obsolete. Even before the founding meeting in Rome, the Organisation Committee had secured a two-year lease of a convenient building in Basel, the former Grand Hôtel et Savoy Hôtel Univers across the street from Basel railway station . By mid-April, Fraser had arrived from the United States and
1736-487: A resolution was passed that recommended the creation of "an association or permanent understanding for cooperation amongst central banks, not necessarily limited to Europe, to coordinate credit policies, without detriment to the freedom of each individual central bank." The decision to create the BIS took place in the context of negotiations over World War I reparations which plagued international relations in Europe throughout
1860-507: A revised design with reduced height. The BIS moved into the new premises, sometimes dubbed the " Tower of Basel," in 1977. With the end of the Bretton Woods system (1971–73) and the return to floating exchange rates, financial instability came to the fore. The collapse of some internationally active banks, such as Herstatt Bank (1974), highlighted the need for improved banking supervision at an international level. The G10 Governors created
1984-517: A shared perception amongst negotiators that the project would fail without U.S. participation. Major figures of the U.S. financial world would participate in the joint bank, and act in close cooperation with the Federal Reserve Bank of New York . The leverage held by the U.S. allowed Young and J. P. Morgan Jr. to make sure that Americans would be in leadership position at the bank when it started operations, as indeed happened. The BIS concept
2108-477: Is a stub . You can help Misplaced Pages by expanding it . Strasbourg Strasbourg ( UK : / ˈ s t r æ z b ɜːr ɡ / , US : / ˈ s t r ɑː s b ʊər ɡ , ˈ s t r ɑː z -, - b ɜːr ɡ / ; French: [stʁasbuʁ] ; German : Straßburg [ˈʃtʁaːsbʊʁk] ; ) is the prefecture and largest city of the Grand Est region of eastern France , at
2232-689: Is a tertiary establishment for research and education in Ethics . This center is located at the premises of the old faculty of medicine in Strasbourg. The Center’s name in French is CEERE ( Centre européen d’enseignement et de recherche en éthique ). International schools include: Multiple levels: For elementary education: For middle school/junior high school education: For senior high school/sixth form college: The Bibliothèque nationale et universitaire (BNU) is, with its collection of more than 3,000,000 titles,
2356-463: Is also an adjacent church Saint-Pierre-le-Vieux Protestant ) serves as a shrine for several 15th-century wood-worked and painted altars coming from other, now destroyed churches and installed there for public display; especially the Passion of Christ . Among the numerous secular medieval buildings, the monumental Ancienne Douane (old custom-house ) stands out. The German Renaissance has bequeathed
2480-661: Is among the few cities in the world that is not a state capital that hosts international organisations of the first order. The city is the seat of many non-European international institutions such as the Central Commission for Navigation on the Rhine and the International Institute of Human Rights . It is the second city in France in terms of international congress and symposia, after Paris . Strasbourg's historic city centre,
2604-458: Is an international financial institution which is owned by member central banks . Its primary goal is to foster international monetary and financial cooperation while serving as a bank for central banks. With its establishment in 1930 it is the oldest international financial institution. Its initial purpose was to oversee the settlement of World War I war reparations . The BIS carries out its work through its meetings, programmes and through
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#17330857893582728-1040: Is chiefly known for its sandstone Gothic Cathedral with its famous astronomical clock , and for its medieval cityscape of Rhineland black and white timber-framed buildings, particularly in the Petite France district or Gerberviertel ("tanners' district") alongside the Ill and in the streets and squares surrounding the cathedral, where the renowned Maison Kammerzell stands out. Notable medieval streets include Rue Mercière , Rue des Dentelles , Rue du Bain aux Plantes , Rue des Juifs , Rue des Frères , Rue des Tonneliers , Rue du Maroquin , Rue des Charpentiers , Rue des Serruriers , Grand' Rue , Quai des Bateliers , Quai Saint-Nicolas and Quai Saint-Thomas . Notable medieval squares include Place de la Cathédrale , Place du Marché Gayot , Place Saint-Étienne , Place du Marché aux Cochons de Lait and Place Benjamin Zix . In addition to
2852-560: Is represented by two members, the United States Federal Reserve System and Federal Reserve Bank of New York . The Central Bank of Russia is a member but its engagement with the BIS has been suspended since early March 2022 (see History section above). In the list below, (*) indicates members of the BIS Global Economy Meetings (see below) and (**) indicates observers to these meetings. The activity of
2976-577: The Grande Île (Grand Island), was classified a World Heritage Site by UNESCO in 1988, with the newer " Neustadt " being added to the site in 2017. Strasbourg is immersed in Franco-German culture and although violently disputed throughout history, has been a cultural bridge between France and Germany for centuries, especially through the University of Strasbourg , currently the second-largest in France, and
3100-950: The Hôpital civil . As for French Neo-classicism , it is the Opera House on Place Broglie that most prestigiously represents this style. Strasbourg also offers high-class eclecticist buildings in its very extended German district, the Neustadt , being the main memory of Wilhelmian architecture since most of the major cities in Germany proper suffered intensive damage during World War II. Streets, boulevards and avenues are homogeneous, surprisingly high (up to seven stories) and broad examples of German urban lay-out and of this architectural style that summons and mixes up five centuries of European architecture as well as Neo-Egyptian, Neo-Greek and Neo-Babylonian styles. The former imperial palace Palais du Rhin ,
3224-554: The Bank of Japan 's London representative Tetsuzaburo Tanaka [ ja ] and diplomat Hiroshi Saito , for Japan. Thus the BIS was formally created in Rome on 27 February 1930. The BIS promptly opened its doors in Basel on 17 May 1930, ahead of the first German annuities under the Young Plan due in June. The legal status of the bank combined features of a private-sector company and of
3348-521: The Basel Committee on Banking Supervision (BCBS), which remains active. The BIS developed into a global meeting place for regulators and for developing international standards (Basel Concordat, Basel Capital Accord, Basel II and III ). Through its member central banks, the BIS was actively involved in the resolution of the Latin American debt crisis (1982). From 1964 until 1993, the BIS provided
3472-906: The Eurocorps and the European Ombudsman of the European Union . An organization separate from the European Union, the Council of Europe (with its European Court of Human Rights , its European Directorate for the Quality of Medicines most commonly known in French as "Pharmacopée Européenne", and its European Audiovisual Observatory ) is also located in the city. Together with Basel ( Bank for International Settlements ), Geneva ( United Nations ), The Hague ( International Court of Justice ) and New York City (United Nations world headquarters), Strasbourg
3596-538: The Federal Reserve Bank of New York , Reichsbank president Hjalmar Schacht , and Bank of France vice governor Charles Rist at a private home on Long Island (the Bank of Italy had hoped for an invitation but was not included). A second meeting was scheduled in Algeciras , but was not held because of the bad health of Strong, who eventually died in October 1928. A deadline for French repayment of its bilateral debt to
3720-584: The Hôtel du Département facing it, as well as, in the outskirts, the tramway-station Hoenheim -Nord designed by Zaha Hadid . The city has many bridges, including the medieval and four-towered Ponts Couverts that, despite their name, are no longer covered. Next to the Ponts Couverts is the Barrage Vauban , a part of Vauban 's 17th-century fortifications, that does include a covered bridge. Other bridges are
3844-579: The Locarno Treaties in October 1925 and encouraging Montagu Norman , the influential governor of the Bank of England , to envisage the creation of what he described in September 1925 as "a private and eclectic Central Banks' 'Club', small at first, larger in the future." That vision had a first materialization at a meeting in early July 1927 which brought together Montagu, his friend Benjamin Strong , head of
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3968-874: The Reserve Bank of India on 30 June 2024 as founding member of Project Nexus, a multilateral international initiative to enable retail cross-border payments. Bank Indonesia involved as a special observer. The platform, which is expected to go live by 2026, will interlink domestic fast payment systems of the member countries. The BIS members are central banks of 63 jurisdictions: 34 in Europe , 16 in Asia , 5 in South America , 3 in North America , 3 in Africa , and 2 in Oceania . The United States
4092-671: The Théâtre jeune public , the TAPS Scala , the Kafteur ... Strasbourg, well known as a centre of humanism , has a long history of excellence in higher education, at the crossroads of French and German intellectual traditions. Although Strasbourg had been annexed by the Kingdom of France in 1683, it still remained connected to the German-speaking intellectual world throughout the 18th century, and
4216-565: The United Kingdom and the United States . The need for a jointly governed bank emerged in these discussions as a means to overcome information asymmetries and increase the likelihood that commitments would be effectively met, not least by helping the creditors to act collectively and facilitating the reinvestment of German payments into the German economy. The first draft concept for the new bank
4340-621: The United States , and Switzerland , establishing the bank's special status on Swiss soil and committing Switzerland to grant the Charter and approve the Statutes. The Convention and Charter were approved by the Swiss Federal Council and thus obtained force of law on 26 February 1930. The governors met that day and the next to formally approve and sign the statutes in Rome , out of consideration for
4464-582: The border with Germany in the historic region of Alsace . It is the prefecture of the Bas-Rhin department and the official seat of the European Parliament . The city has about three hundred thousand inhabitants, and together Greater Strasbourg and the Arrondissement of Strasbourg have over five hundred thousand. Strasbourg's metropolitan area had a population of 860,744 in 2020, making it
4588-510: The " Hôtel de Hanau " (1736, now the city hall); the Hôtel de Klinglin (1736, now residence of the préfet ); the Hôtel des Deux-Ponts (1755, now residence of the military governor ); the Hôtel d'Andlau-Klinglin (1725, now seat of the administration of the Port autonome de Strasbourg ) etc. The largest baroque building of Strasbourg though is the 150-metre-long (490 ft) 1720s main building of
4712-554: The 1880s can be found along the newly reopened Rue du Rempart , displaying large-scale fortifications among which the aptly named Kriegstor (war gate). As for modern and contemporary architecture , Strasbourg possesses some fine Art Nouveau buildings (such as the huge Palais des Fêtes and houses and villas like Villa Schutzenberger and Hôtel Brion ), good examples of post-World War II functional architecture (the Cité Rotterdam , for which Le Corbusier did not succeed in
4836-793: The 1920s. Following the Treaty of Versailles , a Reparation Commission was set up in January 1920 to determine the amount of German reparations. Conferences at Spa in July 1920 and London in March 1921 were followed by the occupation of the Ruhr in January 1923, and eventually the Dawes Plan approved at another London conference in July-August 1924. The latter allowed for a more constructive atmosphere, materialized in diplomacy by
4960-515: The 1960s – the heyday of the Bretton Woods fixed exchange rate system – the BIS once again became the locus for transatlantic monetary cooperation. It coordinated the central banks' Gold Pool and a number of currency support operations (e.g. Sterling Group Arrangements of 1966 and 1968 . The Group of Ten (G10) , including the main European economies, Canada , Japan , and the United States, became
5084-477: The BIS Board of Directors. In 1998, the BIS opened a Representative Office for Asia and the Pacific in the Hong Kong SAR. A BIS Representative Office for the Americas was established in 2002 in Mexico City. The BIS was originally owned by both central banks and private individuals, since the United States, Belgium and France had decided to sell all or some of the shares allocated to their central banks to private investors. BIS shares traded on stock markets, which made
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5208-405: The BIS focused on its second statutory task, i.e. fostering the cooperation between its member central banks. It acted as a meeting forum for central banks and provided banking facilities to them. For instance, in the late 1930s, the BIS was instrumental in helping continental European central banks ship out part of their gold reserves to London . As a purportedly apolitical organization, the BIS
5332-404: The BIS has always revolved around the regular meetings of its membership in Basel. In the 1930s, these meetings were held every month, with two interruptions resulting in ten meetings per year. Since 1998, these meetings have been held every other month, so six times a year. The meetings always start on Sundays, when the dinner is a key moment for informal exchange and coordination, and extend over
5456-424: The BIS has used that building to host its banking operations on behalf of member central banks. In the 1990s–2000s, the BIS successfully globalized, breaking out of its traditional European core. This was reflected in a gradual increase in its membership (from 33 shareholding central bank members in 1995 to 60 in 2013, which together represent roughly 95% of global GDP), and also in the much more global composition of
5580-553: 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. The BIS pursues its mission by: The role that the BIS plays today goes beyond its historical role. The original goal of the BIS was "to promote the co-operation of central banks and to provide additional facilities for international financial operations; and to act as trustee or agent in regard to international financial settlements entrusted to it under agreements with
5704-473: The BIS retained a distinct European focus. According to an announcement made by the Swiss Government on 26 December 1952, Japan renounced all rights, titles and interests in the BIS it had acquired under the Hague Convention of January 1930. The BIS acted as Agent for the European Payments Union (EPU, 1950–58), an intra-European clearing arrangement designed to help the European countries in restoring currency convertibility and free, multilateral trade. During
5828-409: The BIS were then approved at the second part of the Hague conference, on 20 January 1930, with only minor changes from the Baden-Baden drafts such as the addition of English to French as official language. These texts included the constituent Charter and Statutes for the bank, and a Convention ( intergovernmental agreement ) between Germany , Belgium , France , the United Kingdom , Italy , Japan ,
5952-439: The BIS's first decades. The inaugural BIS Board had 16 members: Franck and Francqui (Belgium); Moreau, Georges Brincard [ fr ] and Melchior de Vogüé [ fr ] (France); Hans Luther , Carl Melchior and Paul Reusch [ de ] (Germany); Stringher and Beneduce (Italy); Tanaka and Daisuke Nohara (Japan); Norman and Addis (UK); and Gates McGarrah and Fraser (United States). The BIS had
6076-410: The BIS. Operations conducted by the BIS were viewed with increasing suspicion from London and Washington. The fact that top-level German industrialists and advisors sat on the BIS Board seemed to provide ample evidence of how the BIS might be used by Hitler throughout the war, with the help of American, British and French banks. Between 1933 and 1945 the BIS Board of directors included Walther Funk ,
6200-411: The Bank for International Settlements at the earliest possible moment". This resulted in the BIS being the subject of a disagreement between the U.S. and British delegations. The liquidation of the bank was supported by other European delegates, as well as Americans (including Harry Dexter White and Secretary of the Treasury Henry Morgenthau Jr. ). Abolition was opposed by John Maynard Keynes , head of
6324-602: The Bank of Italy's governor Bonaldo Stringher who was both the most senior in the group, and in poor health (he would pass away in December of 1930). Aside from Stringher, who chaired the meeting, the other participants were: Vincenzo Azzolini and Alberto Beneduce, for Italy; Bank of England governor Montagu Norman and Harry Arthur Siepmann, for the UK; Bank of France governor Émile Moreau, Clément Moret [ fr ] and Pierre Quesnay , for France; Reichsbank governor Schacht, for Germany; National Bank of Belgium governor Louis Franck and Paul van Zeeland , for Belgium; and
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#17330857893586448-399: 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. The BIS is based in Basel , Switzerland , with representative offices in Hong Kong and Mexico City . International monetary cooperation started to develop tentatively in
6572-429: The British delegation. Keynes went to Morgenthau hoping to prevent or postpone the dissolution, but the next day it was approved; the liquidation of the bank was never actually undertaken. In April 1945, the new U.S. president Harry S. Truman ended U.S. involvement in the scheme. The British government suspended the dissolution and the decision to liquidate the BIS was officially reversed in 1948. After World War II,
6696-532: The CPMI. A sample of statistical data in the red books appears in the table below, where local currency is converted to US dollars using end-of-year rates. The Irving Fisher Committee on Central Bank Statistics gathers 100 members, mostly national central banks as well as a few regional organizations such as the Center for Latin American Monetary Studies [ es ] (CEMLA), Central American Monetary Council [ es ] , and South East Asian Central Banks Research and Training Centre (SEACEN). It
6820-858: The Federal Reserve System , and Federal Reserve Bank of New York . The Markets Committee is the oldest of the BIS-hosted committees, originally established in 1962 as the Committee on Gold and Foreign Exchange. It also reports to the Global Economy Meeting. As of 2023, it had 27 members: Reserve Bank of Australia , National Bank of Belgium , Central Bank of Brazil , Bank of Canada , People's Bank of China , European Central Bank , Bank of France , Deutsche Bundesbank , Hong Kong Monetary Authority , Reserve Bank of India , Bank of Indonesia , Bank of Italy , Bank of Japan , Bank of Korea , Central Bank of Malaysia , Bank of Mexico , De Nederlandsche Bank , Central Bank of Russia , Monetary Authority of Singapore , South African Reserve Bank , Bank of Spain , Sveriges Riksbank , Swiss National Bank , Central Bank of
6944-403: The Gaulish word for fortified enclosures, cognate to the Old Irish ráth (see ringfort ) and arganto(n)- (cognate to Latin argentum , which gave modern French argent ), the Gaulish word for silver, but also any precious metal, particularly gold, suggesting either a fortified enclosure located by a river gold mining site, or hoarding gold mined in the nearby rivers. After the fifth century
7068-414: The German artillery to lay their guns. A librarian from Munich later pointed out "...that the destruction of the precious collection was not the fault of a German artillery officer, who used the French map, but of the slovenly and inaccurate scholarship of a Frenchman." The municipal library Bibliothèque municipale de Strasbourg (BMS) administers a network of ten medium-sized libraries in different areas of
7192-475: The German district include: Avenue de la Forêt Noire , Avenue des Vosges , Avenue d'Alsace , Avenue de la Marseillaise , Avenue de la Liberté , Boulevard de la Victoire , Rue Sellénick , Rue du Général de Castelnau , Rue du Maréchal Foch , and Rue du Maréchal Joffre . Notable squares of the German district include Place de la République , Place de l'Université , Place Brant , and Place Arnold . Impressive examples of Prussian military architecture of
7316-700: The Global Economy Meeting. As of 2023, it had 28 members: Central Bank of Argentina , Reserve Bank of Australia , National Bank of Belgium , Central Bank of Brazil , Bank of Canada , People's Bank of China , European Central Bank , Bank of France , Deutsche Bundesbank , Hong Kong Monetary Authority , Reserve Bank of India , Bank of Italy , Bank of Japan , Bank of Korea , Central Bank of Luxembourg , Bank of Mexico , De Nederlandsche Bank , Central Bank of Russia , Saudi Central Bank , Monetary Authority of Singapore , South African Reserve Bank , Bank of Spain , Sveriges Riksbank , Swiss National Bank , Bank of Thailand , Bank of England , Board of Governors of
7440-428: The Gothic Église protestante Saint-Pierre-le-Jeune with its crypt dating back to the seventh century and its cloister partly from the eleventh century; the Gothic Église Saint-Guillaume with its fine early-Renaissance stained glass and furniture; the Gothic Église Saint-Jean ; the part-Gothic, part- Art Nouveau Église Sainte-Madeleine etc. The Neo-Gothic church Saint-Pierre-le-Vieux Catholique (there
7564-457: The Nazi occupation (atrocities such as the Jewish skull collection ) and the British and American bombing raids . Some other notable dates were the years 357 ( Battle of Argentoratum ), 842 ( Oaths of Strasbourg ), 1538 (establishment of the university ), 1605 (world's first newspaper printed by Johann Carolus ), 1792 ( La Marseillaise ), and 1889 (pancreatic origin of diabetes discovered by Minkowski and Von Mering ). Strasbourg has been
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#17330857893587688-459: The Republic of Türkiye , Bank of England , Board of Governors of the Federal Reserve System , and Federal Reserve Bank of New York . Another of the committees hosted at the BIS is the Committee on Payments and Market Infrastructures (CPMI). The Committee on Payment and Settlement Systems (CPSS) was established in 1990 and extended the prior work of the Group of Experts on Payment Systems (1980) and Committee on Interbank Netting Schemes (1989), and
7812-402: The Republic of Türkiye , Bank of England , the Board of Governors of the Federal Reserve System and Federal Reserve Bank of New York . One of the Group's first projects, a detailed review of payment system developments in the G10 countries, was published by the BIS in 1985 in the first of a series that has become known as "Red Books". Currently, the red books cover countries participating in
7936-435: The Rhine opened in 2004 and is the most extended (60-hectare) park of the agglomeration. The most recent park is Parc du Heyritz (8,7 ha), opened in 2014 along a canal facing the hôpital civil . As of 2020, the city of Strasbourg has eleven municipal museums (including Aubette 1928 ), eleven university museums, and at least two privately owned museums ( Musée vodou and Musée du barreau de Strasbourg ). Five communes in
8060-440: The Statutes, the governor of each of the founding central banks was a member of the BIS Board of Directors ex officio , and had the right to appoint a second Board member, plus additional right for France and Germany to appoint a third Board member each or the duration of the Young Plan. In principle the Board could appoint up to nine additional directors, in practice however only the Dutch, Swedish and Swiss central bank governors in
8184-488: The United States provided impetus for a new initiative, which took the form of a Committee of Experts appointed to work out a final settlement of the German reparations, known as the Young Committee for its chairman the American banker Owen D. Young . The committee first met at the Bank of France on 9 February 1929, then on 28 successive sessions ending on 7 June 1929 at the Hotel George V . The seven participating countries were Belgium , France , Germany , Italy , Japan ,
8308-431: The Vosges and Black Forest mountains, results in poor natural ventilation, making Strasbourg one of the most atmospherically polluted cities of France. Nonetheless, the progressive disappearance of heavy industry on both banks of the Rhine, as well as effective measures of traffic regulation in and around the city have reduced air pollution in recent years. Strasbourg is divided into the following districts: The city
8432-402: The architectural contest) and, in the very extended Quartier Européen , some spectacular administrative buildings of sometimes utterly large size, among which the European Court of Human Rights building by Richard Rogers is arguably the finest. Other noticeable contemporary buildings are the new Music school Cité de la Musique et de la Danse , the Musée d'Art moderne et contemporain and
8556-447: The bank an unusual organization: an international organization (in the technical sense of public international law), yet allowed for private shareholders. Many central banks had similarly started as such private institutions; for example, the Bank of England was privately owned until 1946. In more recent years the BIS has bought back its once publicly traded shares. It is now wholly owned by BIS members (central banks), but still operates in
8680-478: The bank would serve a threefold purpose as a trustee, bank, and international organization of central bankers: (1) receiving, managing, and distributing German reparation annuities as a trustee ; (2) facilitating German transfers by issuing counterpart bills, notes, and bonds; and (3) serving national central banks by taking their deposits, granting them credit, and carrying out currency and gold transactions on their behalf. It would rely on nonpolitical staff located in
8804-466: The case of Eurozone countries which forfeited the right to conduct monetary policy in order to implement the euro. While monetary policy is determined by most sovereign nations, it is subject to central and private banking scrutiny and potentially to speculation that affects foreign exchange rates and especially the fate of export economies. BIS aims to keep monetary policy in line with reality and to help implement monetary reforms in time, preferably as
8928-451: The cathedral, Strasbourg houses several other medieval churches that have survived the many wars and destructions that have plagued the city: the Romanesque Église Saint-Étienne , partly destroyed in 1944 by Allied bombing raids ; the part-Romanesque, part-Gothic, very large Église Saint-Thomas with its Silbermann organ on which Wolfgang Amadeus Mozart and Albert Schweitzer played;
9052-636: The city became known by a completely different name, later Gallicized as Strasbourg ( Lower Alsatian : Strossburi ; German : Straßburg ). That name is of Germanic origin and means 'town (at the crossing) of roads'. The modern Stras- is cognate with the German Straße and English street , both derived from Latin strata ("paved road"), while -bourg is cognate with the German Burg and English borough , both derived from Proto-Germanic *burgz ("hill fort, fortress"). Gregory of Tours
9176-535: The city of Argentoratum, which they now call Strateburgus "), where he was exiled. The Roman camp of Argentoratum was first mentioned in 12 BCE; the city of Strasbourg which grew from it celebrated its 2,000th anniversary in 1988. The fertile area in the Upper Rhine Plain between the rivers Ill and Rhine had already been populated since the Middle Paleolithic . Between 362 and 1262, Strasbourg
9300-529: The city some noteworthy buildings (especially the current Chambre de commerce et d'industrie , former town hall , on Place Gutenberg ), as did the French Baroque and Classicism with several hôtels particuliers (i.e. palaces ), among which the Palais Rohan (completed 1742, used for university purposes from 1872 to 1895, now housing three museums) is the most spectacular. Other buildings of its kind are
9424-465: The city took part in the Protestation at Speyer . It was also one of the first centres of the printing industry with pioneers such as Johannes Gutenberg , Johannes Mentelin , and Heinrich Eggestein . Among the darkest periods in the city's long history were the years 1349 ( Strasbourg massacre ), 1518 ( Dancing plague ), 1793 ( Reign of Terror ), 1870 ( Siege of Strasbourg ) and the years 1940–1944 with
9548-519: The coexistence of Catholic and Protestant culture . It is also home to the largest Islamic place of worship in France, the Strasbourg Grand Mosque . Economically, Strasbourg is an important centre of manufacturing and engineering, as well as a hub of road, rail, and river transportation. The port of Strasbourg is the second-largest on the Rhine after Duisburg in Germany, and the second-largest river port in France after Paris . Until
9672-725: The conduct of its business. However, as the war dragged on evidence mounted that the BIS conducted operations that were helpful to the Germans. Also, throughout the war, the Allies accused the Nazis of looting and pleaded with the BIS not to accept gold from the Reichsbank in payment for prewar obligations linked to the Young Plan . This was to no avail as remelted gold was either confiscated from prisoners or seized in victory and thus unacceptable as payment to
9796-514: The course of the 19th century. An early case was a £400,000 loan in gold coins from the Bank of France to the Bank of England which was facing a bank run, made in 1825 and facilitated by the Rothschilds . The Bank of England again borrowed from its French counterpart (and from the Hamburger Bank ) in 1836 and 1839, and lent to it in return in 1847. In 1860-1861, because of the disruption from
9920-745: The diverse post-graduate schools: The three institutions merged in 2009, forming the Université de Strasbourg . Its component schools include: Two American colleges have a base in Strasbourg: Syracuse University , New York, and Centre College , Kentucky. There is also HEAR ( Haute école des arts du Rhin ) the celebrated art school , and the International Space University in the south of Strasbourg ( Illkirch-Graffenstaden ). The European Center for Studies and Research in Ethics
10044-469: The eighth-largest metro area in France and home to 14% of the Grand Est region's inhabitants. The transnational Eurodistrict Strasbourg-Ortenau had a population of roughly 1,000,000 in 2022. Strasbourg is one of the de facto four main capitals of the European Union (alongside Brussels , Luxembourg and Frankfurt ), as it is the seat of several European institutions, such as the European Parliament ,
10168-405: The fifth century AD, the city was known as Argantorati (in the nominative , Argantorate in the locative ), a Celtic Gaulish name Latinised first as Argentorate (with Gaulish locative ending, as appearing on the first Roman milestones in the first century) and then as Argentoratum (with regular Latin nominative ending, in later Latin texts). That Gaulish name is a compound of -rati ,
10292-462: The future bank, with draft statutes prepared by the Bank of England's Charles Stewart Addis , was achieved by the Young Committee on 25 March 1929. Political positions within the Herbert Hoover administration made it impossible for U.S. Federal Reserve System officials to be formally involved in the initiative, but the U.S. was still able to retain major influence in the proceedings because of
10416-493: The future institution's official language(s), for which the committee endorsed French, and location. For the latter, several delegates favored London, but that was vetoed by the French who proposed Brussels instead, which in turn was vetoed by the British; after Amsterdam failed to gain sufficient support, a consensus was eventually found on Basel, which combined neutral country status and good railway connections. The founding texts of
10540-523: The incipient American Civil War , the Bank of France entered a series of swap agreements on specie with the Bank of England as well as the State Bank of the Russian Empire and De Nederlandsche Bank . That episode was recorded as the "war of the banks", ostensibly because of frictions between the Bank of France and the Bank of England about the transaction. A few years later, monetary cooperation took
10664-652: The intense work was marred by the death of Delacroix from a heart attack during the proceedings. Aside from Reynolds, American participants in Baden-baden also included Melvin Alvah Traylor , president of the First National Bank of Chicago , Warren Randolph Burgess, Shepard Morgan, and Leon Fraser [ de ] (a legal expert with the Agent General for Reparation Payments ), with J. P. Morgan Jr. monitoring
10788-404: The metropolitan area also have museums (see below), three of them dedicated to military history. The collections in Strasbourg are distributed over a wide range of museums, according to a system that takes into account not only the types and geographical provenances of the items, but also the epochs. This concerns in particular the following domains: The Université de Strasbourg is in charge of
10912-544: The most political and thus heavily criticized of all German Strasbourg buildings epitomizes the grand scale and stylistic sturdiness of this period. But the two most handsome and ornate buildings of these times are the École internationale des Pontonniers (the former Höhere Mädchenschule , with its towers, turrets and multiple round and square angles and the Haute école des arts du Rhin with its lavishly ornate façade of painted bricks, woodwork and majolica . Notable streets of
11036-627: The most prominent grouping. The BIS acquired land near the Basel SBB railway station between 1966 and 1972. Architect Martin Burckhardt made three design proposals in 1969, among which the Board of the BIS selected an 82-meter high round tower. This was opposed by locals and their representation in the Swiss Heritage Society , which led to a public referendum in 1971 in which 69% of voters endorsed
11160-451: The need for more institutionalized cooperation at the international level. The practice of formalized central bank cooperation made unprecedented advances among allies in the course of World War I . In 1916, the Bank of England and Bank of France made agreements on bilateral lending and established a direct telegraph line between their respective offices to facilitate communication. Similar formal agreements were made that year between
11284-636: The next day or two. The meeting on Monday morning is the Global Economy Meeting (GEM), preceded by a meeting of the Economic Coordination Committee on Sunday. With the suspension of Russia since March 2022, 30 jurisdictions are members of the GEM and an additional 22 participate as observers. As an organization of central banks, the BIS seeks to make monetary policy more predictable and transparent among its 60-member central banks, except in
11408-553: The north, or 650 kilometres (400 mi) as the river flows, whilst the head of navigation in Basel is some 100 kilometres (62 mi) to the south, or 150 kilometres (93 mi) by river. In spite of its position far inland, Strasbourg has an oceanic climate ( Köppen : Cfb ), though with less maritime influence than the milder climates of Western and Southern France . The city has warm, relatively sunny summers and cool, overcast winters. The third highest temperature ever recorded
11532-543: The ornate 19th-century Pont de la Fonderie (1893, stone) and Pont d'Auvergne (1892, iron), as well as architect Marc Mimram 's futuristic Passerelle over the Rhine, opened in 2004. The largest square at the centre of the city of Strasbourg is the Place Kléber . Located in the heart of the city's commercial area, it was named after general Jean-Baptiste Kléber , born in Strasbourg in 1753 and assassinated in 1800 in Cairo . In
11656-730: The parties concerned", as stated in its Statutes of 1930. The BIS hosts the Secretariat of the Basel Committee on Banking Supervision (BCBS), colloquially referred to simply as the "Basel Committee", and with it has played a central role in establishing the Basel Capital Accords (now commonly referred to as Basel I) of 1988, Basel II framework in 2004 and more recently Basel III framework in 2010-2017. Capital adequacy policy applies to equity and capital assets . These can be overvalued in many circumstances because they do not always reflect current market conditions or adequately assess
11780-552: The private market as a counterparty, asset manager and lender for central banks and international financial institutions. Profits from its transactions are used, among other things, to fund the bank's other international activities. After the 2022 Russian invasion of Ukraine , in March 2022 the BIS suspended the Bank of Russia 's membership. Project Nexus The Bank for International Settlements signed an agreement with Central Bank of Malaysia , Bank of Thailand , Bangko Sentral ng Pilipinas , Monetary Authority of Singapore , and
11904-570: The proceedings and advising from London. As in the Paris discussions earlier in the year, the Baden-Baden committee had to reconcile the different visions for the future BIS, from purely a creation of central banks (as espoused by Italy's Alberto Beneduce and by Montagu Norman) to a supranational development bank with policy tasks such as developing world trade (as advocated by Schacht and UK Chancellor Philip Snowden ). Other points of contention included
12028-566: The risk of every trading position. Accordingly, the Basel standards require the capital adequacy ratio of internationally active commercial banks to be above a prescribed minimum international standard, to improve the resilience of the banking sector. The Committee on the Global Financial System (CGFS) was established in 1971 as the Euro-currency Standing Committee, and adopted its current name in 1999. It reports to
12152-541: The river to the German town Kehl . The historic core of Strasbourg, however, lies on the Grande Île in the river Ill , which here flows parallel to, and roughly 4 kilometres (2.5 mi) from, the Rhine. The natural courses of the two rivers eventually join some distance downstream of Strasbourg, although several artificial waterways now connect them within the city. The city lies in the Upper Rhine Plain , at between 132 and 151 metres (433 and 495 ft) above sea level, with
12276-559: The seat of European institutions since 1949: first of the International Commission on Civil Status and of the Council of Europe , later of the European Parliament , of the European Science Foundation , of Eurocorps , and others as well. Strasbourg is situated at the eastern border of France with Germany. This border is formed by the Rhine , which also forms the eastern border of the modern city, facing across
12400-544: The second Monday of each month. On 17 May the BIS opened for business and formally took over the funds, accounts, capital, and records of the Agent General for Reparation Payments. On 20 May, the bank's shares were publicly issued. Reparation payments were first suspended for one year ( Hoover moratorium , June 1931) and then stopped altogether after the Lausanne Agreement of July 1932 failed to be ratified. Instead,
12524-483: The second-largest library in France after the Bibliothèque nationale de France . It was founded by the German administration after the complete destruction of the previous municipal library in 1871 and holds the unique status of being simultaneously a students' and a national library. The Strasbourg municipal library had been marked erroneously as "City Hall" in a French commercial map, which had been captured and used by
12648-805: The secretariat for the Committee of Governors of the Central Banks of the Member States of the European Community (Committee of Governors). This Committee had been created by the European Council decision to improve monetary cooperation among the EC central banks. Likewise, the BIS in 1988–89 hosted most of the meetings of the Delors Committee (Committee for the Study of Economic and Monetary Union), which produced
12772-572: The square is a statue of Kléber, under which is a vault containing his remains. On the north side of the square is the Aubette (Orderly Room), built by Jacques François Blondel , architect of the king, in 1765–1772. Strasbourg features a number of prominent parks, of which several are of cultural and historical interest: the Parc de l'Orangerie , laid out as a French garden by André le Nôtre and remodeled as an English garden on behalf of Joséphine de Beauharnais , now displaying noteworthy French gardens,
12896-602: The total destruction of this institution in 1870, however, a new collection had to be reassembled from scratch. Today, Strasbourg's different public and institutional libraries again display a sizable total number of incunabula, distributed as follows: Bibliothèque nationale et universitaire , ca. 2,120, Médiathèque de la ville et de la communauté urbaine de Strasbourg , 349, Bibliothèque du Grand Séminaire , 238, Médiathèque protestante , 66, and Bibliothèque alsatique du Crédit Mutuel , 5. Bank for International Settlements The Bank for International Settlements ( BIS )
13020-553: The town. A six stories high "Grande bibliothèque", the Médiathèque André Malraux , was inaugurated on 19 September 2008 and is considered the largest in Eastern France. As one of the earliest centres of book-printing in Europe (see above: History), Strasbourg for a long time held a large number of incunabula — books printed before 1500 — in its library as one of its most precious heritages: no less than 7,000. After
13144-459: The transaction is still considered the most controversial by BIS. At the outbreak of World War II in September 1939, the BIS Board of Directors – on which the main European central banks were represented – decided that the Bank should remain open, but that, for the duration of hostilities, no meetings of the Board of Directors were to take place and that the Bank should maintain a neutral stance in
13268-463: The two banks and the Federal Reserve Bank of New York , and in 1917 the Bank of Italy opened an office in New York. In the war's immediate aftermath, Dutch central banker Gerard Vissering advocated an international currency without reliance of a common gold pool. Similar ideas burgeoned at the Brussels Conference of 1920 , the first major discussion of international financial challenges following
13392-489: The university attracted numerous students from the Holy Roman Empire , with Goethe , Metternich and Montgelas , who studied law in Strasbourg, among the most prominent. With 19 Nobel prizes in total, Strasbourg is the most eminent French university outside of Paris. Until 2009, there were three universities in Strasbourg , with an approximate total of 48,500 students in 2007, and another 4,500 students attended one of
13516-566: The upland areas of the Vosges Mountains some 20 km (12 mi) to the west and the Black Forest 25 km (16 mi) to the east. This section of the Rhine valley is a major axis of north–south travel, with river traffic on the Rhine itself, and major roads and railways paralleling it on both banks. The city is some 397 kilometres (247 mi) east of Paris . The mouth of the Rhine lies approximately 450 kilometres (280 mi) to
13640-488: The war, endorsed by luminaries such as Belgian prime minister Léon Delacroix and American banker Frank A. Vanderlip , who suggested reorganizing Europe's national central banks along similar lines as the U.S. Federal Reserve which he had helped establish in the previous decade. At the Genoa Conference of 1922 , following advocacy by several experts that included Ralph Hawtrey , Robert Horne and John Maynard Keynes ,
13764-512: Was 38.5 °C (101.3 °F) in August 2003, during the 2003 European heat wave . This record was broken, on 30 June 2019, when it reached 38.8 °C (101.8 °F) and then on 25 July 2019, when it reached 38.9 °C (102.0 °F). The lowest temperature ever recorded was −23.4 °C (−10.1 °F) in December 1938. Strasbourg's location in the Rhine valley, sheltered from strong winds by
13888-571: Was agreed to in August 1929 at the first part of the Hague conference on reparations . The bank's Charter, Statutes, Trust Agreement, and Convention on its relations with the host country were subsequently drafted by a special Organisation Committee chaired by Jackson Reynolds, president of the First National Bank of New York , which met in the discreet location of Hôtel Stéphanie (part of which later became Brenners Park-Hotel & Spa [ de ] ) at Baden-Baden from 3 October to 13 November 1929;
14012-558: Was an Imperial City of the Holy Roman Empire , and founded the Décapole confederation with nine other Alsatian Imperial Cities in 1354, the goal was to maintain their rights. Like the other Decapolitan cities, it was awarded to France by the Peace of Westphalia and finally lost its independence under the Treaties of Nijmegen and was annexed by France. This Bas-Rhin geographical article
14136-480: Was appointed General Manager, albeit with the three German Board members voting against "for serious reasons of principle" (i.e. objecting to the choice of a French national rather than to Quesnay as an individual). These foundational decisions were later ratified by the first formal Board meeting on 17 May 1930, as the April meeting had also agreed that the ordinary meetings of the Board would henceforth take place in Basel on
14260-682: Was captured by the German army in June 1940 at the end of the Battle of France ( World War II ), and subsequently came under German control again through formal annexation into the Gau Baden -Elsaß under the Nazi Gauleiter Robert Wagner ; since the liberation of the city by the 2nd French Armoured Division under General Leclerc in November 1944, it has again been a French city. In 2016, Strasbourg
14384-486: Was created under the German administration next to the Observatory of Strasbourg , built in 1881, and still owns some greenhouses of those times. The Parc des Contades , although the oldest park of the city, was completely remodeled after World War II. The futuristic Parc des Poteries is an example of European park-conception in the late 1990s. The Jardin des deux Rives , spread over Strasbourg and Kehl on both sides of
14508-454: Was exempted from Swiss taxation and banking supervision, and its senior management enjoyed diplomatic status. The Charter stipulated that "The Bank, its property and assets and all deposits and other funds entrusted to it shall be immune in time of peace and in time of war from any measure such as expropriation, requisition, seizure, confiscation, prohibition or restriction of gold or currency export or import, and any other similar measures." Under
14632-654: Was governed by the bishops of Strasbourg ; their rule was reinforced in 873 and then more in 982. In 1262, the citizens violently rebelled against the bishop's rule ( Battle of Hausbergen ) and Strasbourg became a free imperial city . It became a French city in 1681, after the conquest of Alsace by the armies of Louis XIV . In 1871, after the Franco-Prussian War , the city, as part of the Imperial Territory of Alsace–Lorraine , became German again, until 1918 (end of World War I ), when it reverted to France. Strasbourg
14756-708: Was in turn renamed to CPMI in 2014. Its membership was extended in 1997-98, 2009, and 2018 to reach the following 28 members: Central Bank of Argentina , Reserve Bank of Australia , National Bank of Belgium , Central Bank of Brazil , Bank of Canada , People's Bank of China , European Central Bank , Bank of France , Deutsche Bundesbank , Hong Kong Monetary Authority , Reserve Bank of India , Bank Indonesia , Bank of Italy , Bank of Japan , Bank of Korea , Bank of Mexico , De Nederlandsche Bank , Central Bank of Russia , Saudi Central Bank , Monetary Authority of Singapore , South African Reserve Bank , Bank of Spain , Sveriges Riksbank , Swiss National Bank , Central Bank of
14880-467: Was presented by Belgian banker Émile Francqui on 23 February 1929, and amended with suggestions from Bank of France governor Émile Moreau . It was envisaged as a private institution with shareholders from all participating countries (including Germany) that would settle reparation payments, issue bonds to be serviced by the reparation transfers, and (as advocated by Schacht) provide international long-term credit for countries in need, including Germany. In
15004-551: Was promoted from capital of Alsace to capital of Grand Est . Strasbourg played an important part in the Protestant Reformation , with personalities such as John Calvin , Martin Bucer , Wolfgang Capito , Matthew and Katharina Zell , but also in other aspects of Christianity such as German mysticism , with Johannes Tauler , Pietism , with Philipp Spener , and Reverence for Life , with Albert Schweitzer . Delegates from
15128-570: Was the first to mention the name change: in the tenth book of his History of the Franks written shortly after 590 he said that Egidius , Bishop of Reims , accused of plotting against King Childebert II of Austrasia in favor of his uncle King Chilperic I of Neustria , was tried by a synod of Austrasian bishops in Metz in November 590, found guilty and removed from the priesthood, then taken " ad Argentoratensem urbem, quam nunc Strateburgum vocant " ("to
15252-537: Was unable to prevent transactions that reflected contemporaneous geopolitical realities, but were also widely regarded as unconscionable. As a result of the policy of appeasement of Nazi Germany by the UK and France, in March 1939, the BIS was obliged to transfer 23 tons of gold it held, on behalf of Czechoslovakia , to the German Reichsbank , following the German annexation of Czechoslovakia . The decision to carry out
15376-428: Was working on the BIS's behalf from the Paris office of the Agent General for Reparation Payments, joined by McGarrah in April. The Board members first met for an informal meeting in Basel on 22-23 April 1930, adopted the bank's Statutes. It unanimously elected McGarrah as President of the BIS and Chairman of its Board, Fraser as alternate President, and Addis, Melchior and Moreau as Vice-Chairmen "with equal rank". Quesnay
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