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Central banks are major players in today's economic and financial policy making. While respected for their technical acumen and their pivotal role in defusing the global financial crisis, they are at the same time mistrusted by others and considered to be too powerful. In order to contribute to a better understanding of the why, what and how of central banking, this book traces the progress of central banks from modest beginnings, including financing wars, to the powerful institutions they have become. It describes the evolution of the Bank of England to a fully-fledged central bank, the very different route taken by the Federal Reserve and, much later, by the European Central Bank. The gold standard, floating exchange rates, and the battle against inflation are covered in depth, alongside a review of modern monetary policy and central banks' role in maintaining financial stability. Throughout the book, the ups and downs of central banks' relationship vis-a-vis their governments are a recurring theme, even surmising that reigning in the independence of central banks risks inflicting serious damage to economic and financial stability. Uncovering the challenges that the money masters may face in an uncertain future, this book will be of interest to academics, researchers and practitioners in central banking, finance, and economics at large.

"In January 1969 as the President Richard Milhous Nixon pledged to make the United States a calmer place, foster peace in the world and strengthen America's position in the world, damaged by the conflict in Vietnam. While Nixon's first priority was ending the War, the economy and the international position of the dollar also required attention. However, the 1970s turned out to be a unique period in history, with the convergence of three crises , each carrying its own dangerous load, but in combination posing a unique political and economic threat to global stability. The Vietnam War turned out to be much costlier than originally envisaged, and as its trading partners posted lower rates of inflation, America was losing its competitive edge. It was frequently running deficits on its overall payments, while European countries were in surplus and accumulating dollars. This led to the gold-dollar crisis. In contrast to the years of dollar scarcity after the Second World War, Europeans no longer wanted to add to their dollar reserves. In addition Nixon also had to tackle the fourfold increase of oil prices in 1973. As evidence came to light on the Watergate scandal, Nixon was losing the confidence of the American public, and foreign investors and politicians. The book examines the problems that Nixon faced during his presidential term, focusing on economics but also the impact of political decisions where they influenced or determined monetary and fiscal policy. "--

A topical insider view of causes and consequences of financial crises since the Mexican collapse of 1995. The book includes a detailed exploration of recent and ongoing firestorms, including the near meltdown of the global financial system and the euro crisis and suggests ways to save the international financial and monetary system.