The International Monetary Conference of 1892 was the fourth of a series of international monetary conferences, held in Brussels in November and December 1892. It was chaired by Belgian Senator Georges Montefiore-Levi. [1] : 203
The International Monetary Conference of 1892 was the fourth of a series of international monetary conferences, held in Brussels in November and December 1892. It was chaired by Belgian Senator Georges Montefiore-Levi. [1] : 203
Following the adjournment of the Paris Monetary Conference (1881), concerns kept growing that gold was becoming to scarce while the relative price of silver kept eroding, bringing disturbance to the international monetary system. [1] : 203 After several abortive attempts, the fourth and last of the 19th-century International Monetary Conferences was brought together at Brussels in November 1892 on the invitation of U.S. President Benjamin Harrison. [2]
In addition to the United States and Belgium, the participing nations were Austria-Hungary, Denmark, France, Germany, Greece, British India, Italy, Mexico, the Netherlands, Norway, the Ottoman Empire, Portugal, Romania, Russia, Spain, Sweden, Switzerland, and the United Kingdom. [1] : 203-204 Unlike in previous conferences, Norway had a separate delegation from Sweden's, and India had a separate delegation from the UK's. [3] : 377–378 Opening the conference, Belgian Prime Minister Auguste Beernaert referred to the gathering as "the most important conference ever held in Brussels"; it was held in the Marble Hall of the Academy Palace. [4]
Delay arose from the absence of definite proposals by the United States government. These, when they were presented, proved to be only a reaffirmation of the bimetallic policy, with no advance from prior discussions. The U.S. delegates also suggested considerations of reform plans formulated in the recent past by Moritz Levy (at the 1881 conference) and by recently deceased German academic Adolf Soetbeer. [1] : 204 At the request of British delegates, the conference also reviewed reforms plans presented by Alfred de Rothschild. [5]
The conference ended in failure, [6] adjourning on 17 December 1892 with a call to meet again on 30 May 1893 that remained eventually unheeded. [1] : 216
At the conference, German academic Julius Wolff submitted a visionary 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. [7] : 21
 | This economic history-related article is a stub. You can help Wikipedia by expanding it. |
A central bank, reserve bank, national bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Many central banks also have supervisory or regulatory powers to ensure the stability of commercial banks in their jurisdiction, to prevent bank runs, and in some cases also to enforce policies on financial consumer protection and against bank fraud, money laundering, or terrorism financing. Central banks play a crucial role in macroeconomic forecasting, which is essential for guiding monetary policy decisions, especially during times of economic turbulence.
The Bank for International Settlements (BIS) 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 euro area, commonly called the eurozone (EZ), is a currency union of 20 member states of the European Union (EU) that have adopted the euro (€) as their primary currency and sole legal tender, and have thus fully implemented EMU policies.
The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 allied nations at the Mount Washington Hotel, in Bretton Woods, New Hampshire, United States, to regulate the international monetary and financial order after the conclusion of World War II.
The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic action that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I, trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability, fostering record growth in global finance.
The Greenback Party was an American political party with an anti-monopoly ideology which was active from 1874 to 1889. The party ran candidates in three presidential elections, in 1876, 1880 and 1884, before it faded away.
The Bretton Woods system of monetary management established the rules for commercial relations among the United States, Canada, Western European countries, and Australia and other countries, a total of 44 countries after the 1944 Bretton Woods Agreement. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent states. The Bretton Woods system required countries to guarantee convertibility of their currencies into U.S. dollars to within 1% of fixed parity rates, with the dollar convertible to gold bullion for foreign governments and central banks at US$35 per troy ounce of fine gold. It also envisioned greater cooperation among countries in order to prevent future competitive devaluations, and thus established the International Monetary Fund (IMF) to monitor exchange rates and lend reserve currencies to nations with balance of payments deficits.
Camille Gutt, born Camille Guttenstein, was a Belgian economist, politician, and industrialist who served as the first managing director of the International Monetary Fund (IMF) from 1946 to 1951. He was the architect of a monetary reform plan that facilitated the recovery of the economy of Belgium after the Second World War.
The European Monetary System (EMS) was a multilateral adjustable exchange rate agreement in which most of the nations of the European Economic Community (EEC) linked their currencies to prevent large fluctuations in relative value. It was initiated in 1979 under then President of the European Commission Roy Jenkins as an agreement among the Member States of the EEC to foster monetary policy co-operation among their Central Banks for the purpose of managing inter-community exchange rates and financing exchange market interventions.
The National Bank of Belgium is the Belgian member of the Eurosystem. It was established by a law of 5 May 1850 and has been the monetary authority for Belgium from then until 1998, issuing the Belgian franc.
The Economic and Financial Conference was a formal conclave of representatives from 34 European countries held in the ancient Palazzo San Giorgio of Genoa, Italy, from 10 April to 19 May 1922.
Alfred Charles Freiherr de Rothschild, CVO, was the second son of Lionel Freiherr de Rothschild and Charlotte Freifrau von Rothschild of the Rothschild family.
The international monetary and economic conferences were a series of gatherings held in the last third of the 19th century and the first half of the 20th century, culminating in the Bretton Woods Conference of 1944. The first four conferences in the 19th century focused on matters of coinage and the markets for gold and silver. After World War I, the scope of the conferences was expanded to matters of financial stability, then trade and economics more broadly; the two iterations in 1927 and 1933 were branded World Economic Conference. The latter of these, the London Economic Conference of 1933, ended in significant failure, and the formula of periodical international conferences was subsequently abandoned in favor of the permanent international financial institutions of the post-World War II order.
The London Monetary and Economic Conference of 1933, also known as the London Economic Conference, was a meeting of representatives of 66 nations from June 12 to July 27, 1933, at the Geological Museum in London. Its purpose was to win agreement on measures to fight the Great Depression, revive international trade, and stabilize currency exchange rates.
The 1892 Democratic National Convention was held in Chicago, Illinois, from June 21 to 23, 1892. and nominated former President Grover Cleveland, who had been the party's standard-bearer in 1884 and 1888. Adlai Stevenson I of Illinois was nominated for vice president. The ticket was victorious in the general election, defeating the Republican nominees, President Benjamin Harrison and his running mate, Whitelaw Reid.
The Eurogroup is the recognised collective term for the informal meetings of the finance ministers of the eurozone—those member states of the European Union (EU) which have adopted the euro as their official currency. The group has 20 members. It exercises political control over the currency and related aspects of the EU's monetary union such as the Stability and Growth Pact. The current President of the Eurogroup is Paschal Donohoe, the Minister for Public Expenditure, National Development Plan Delivery and Reform of Ireland.
Benjamin Strong Jr. was an American banker. He served as Governor of the Federal Reserve Bank of New York for 14 years until his death. He exerted great influence over the policy and actions of the entire Federal Reserve System and indeed over the financial policies of all of the United States and Europe.
The International Monetary Conference was the second of a series of international monetary conferences, held at the Ministry of Foreign Affairs on Quai d'Orsay, Paris, from 10 to 29 August 1878. It was chaired by French finance minister Léon Say.
The International Monetary Conference of 1881 was the third of a series of international monetary conferences, convened in Paris on 19 April 1881 and adjourned in July of that year. Like the previous iteration in 1878, it failed to achieve a cooperative outcome.
The International Financial Conference was an international economic conference held in Brussels from September 25 to October 8, 1920.