Читать книгу Economics of G20 - Группа авторов - Страница 16

Many of the newly independent countries formed after the collapse of the Austro-Hungarian Empire needed to set up central banks. These central banks needed a stock of gold as reserves and these could only be provided through loans which could only be raised with the help of the older central banks, mainly the English and French central banks. Furthermore, they needed technical advice on the role of central banks and their mode of operation. There were differences of opinion as to who would provide the technical advice and the loans and a struggle for power also ensued among the central banks of the three major countries. To circumvent this competition, the assistance was provided under the aegis of the League of Nations. The League came up with an almost standard formula through its Economic and Financial Organization of the League of Nations set up in 1920 (Decorzant and Flores, 2012).³ A new bank of issue was established with the help of a foreign loan which was secured on the basis of certain revenues. A programme of financial reforms was implemented, and a neutral controller general was appointed by the League Council. Usually, the loan was raised in England and France, mainly the former. Advice was provided by a controller general appointed by the League, often from England. In the case of Austria, a government guarantee for the loan was necessary.⁴ But this was thought to be unnecessary in the other cases.