Word: basel
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Even for men well accustomed to continent hopping, international conferences and crucial decision making, the managers of the free world's money last week set something of a record for activity. In Uruguay, in Cannes, in Paris and in Basel, they met over the conference tables to make decisions that could affect the fate of governments, to cast their appraising eyes on the economic eddies of the West and to indulge in important shoptalk that ranged from the performance of the New York stock market to the rising prices of international hotels. Over lunches, at dinner parties...
...weigh President Johnson's program to stem the dollar drain. On the Riviera at Cannes, the Common Market Monetary Committee, including a select group known as the Club of Six (see box), met to pass judgment on the British pound and Europe's growing inflation. In Basel, both the Bank for International Settlements and a subgroup called the Basel Club met behind carefully guarded doors to review Europe's most pressing monetary problems and to try to guess future trouble spots...
Misty World. The world of the international moneymen is a misty one, filled with special terminology and nuances and frequently devoted to esoteric concerns. It is peopled by able and articulate men who call each other by their first names, nip off to Paris, Basel or London as a matter of routine and keep in constant touch by telephone, cable and personal visits. On a recent visit to Britain, William McChesney Martin Jr., chairman of the Federal Reserve Board, spent three hours tramping through the fields with Lord Cromer, the governor of the Bank of England, at his country home...
...Basel Club is a gathering of the central-bank governors from the same ten nations, plus Austria and Switzerland. The club grew out of the regular meetings in Basel of the semigovernmental Bank for International Settlements (BIS), which arranges short-term credits for central banks. The central bankers make a three-day weekend of it, gathering two days ahead of the BIS meeting for a round of closed-door talks to inform and advise each other on monetary problems and plans. IMF Managing Director Pierre-Paul Schweitzer calls the exclusive group the "best club in the world." Meetings: once...
...Club of Six is a committee of central bankers from the nations belonging to the European Common Market. The Six usually huddles after Basel Club meetings to mesh Common Market banking policies, also joins quarterly with Common Market finance ministers to meet as the Monetary Committee of the Common Market...