In April 2012, the Bank for International Settlements Committee on Payment and Settlement Systems (“CPSS”)1 and the Technical Committee of the International Organization of Securities Commissions (“IOSCO”) published the Principles for financial market infrastructures (collectively, the “PFMI” and each principle a “Principle”). To facilitate implementation and promote ongoin…
T he Committee on International Economic and Policy Reform is a non-partisan, independent group of experts, comprised of academics and former government and central bank officials. Its objective is to analyze global monetary and financial problems, offer systematic analysis, and advance reform ideas. The Committee attempts to identify areas in which the global economic architecture sho…
Abstract Educators and economists concerned with monetary reform face the extraordinary challenge of explaining to the public and its elected representatives not only what a reformed system would look like, but also how the current system works. Centrally, the point that in a modern economy money is largely created by commercial banks, as explained by the Bank of England recently (McLeay, …