Michael Bordo, Eric Monnet, Alain Naef, 18 April 2018

Central bank cooperation has once again become a central issue amid the Global Crisis and the persistence of global imbalances, but there are few examples of successful cooperation schemes that survived the test of time. This column argues that the Gold Pool of 1961-1968 offers a unique example of integrated financial cooperation between major central banks. It failed not due to members freeriding, but because they did not have to abide by any rules-based policies to prevent imbalances.

Events

CEPR Policy Research