The role of the Bank for international settlements in European integration
Introduction. This article is devoted to the activities of the Bank for International Settlements that contributed to European integration. Historical political milestones are particularly emphasized. Materials and methods. The main sources of this research were publicly available archives of the Bank for International Settlements and institutions that it dealt with. Key research methods were the historical approach, which was used to understand the origin of the European integration process, and the political analysis of both the ideological preparation process and the initial stage of the European integration project. Results of the study. The Bank participated in major projects to restore and unify the European economy, starting from the Marshall Plan in 1948, until January 2002, when the euro finally replaced national EU countries’ currencies. The governors of European central banks and politicians favouring European integration cooperated at the Bank for International Settlements in Basel, eventually overcoming all anti-integration trends. Discussion. The consequences of the Bank’s activities surpass the monetary/financial sphere and take on a political nature. This article positions the Bank as one of the primary institutions driving the European integration project. Conclusion. The study revealed that the Bank for International Settlements played not only an economic role, but also a political role, which is especially manifested in the process of European integration.