Can Global Banking Rules Survive in a Fractured World?
The Bank for International Settlements is located in Basel largely because the layout of Europe’s railway system a century ago made it a convenient meeting point for central-bank governors. Today, however, it is not railway lines but political fault lines that cut through Basel, threatening to destabilize the global financial architecture.
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LONDON – The weather in Basel remains wintry and cold. And the climate inside the intimidating BIS Tower – headquarters of the Bank for International Settlements, where polyglot teams of economists and regulators worry about the future – is not much more congenial, as the transatlantic tensions that have splintered NATO begin to reverberate through the financial world.