Working Paper Research - Nationale Bank van België

Annex: Chronology of main events (1944-2008)1944 July Bretton Woods conference1959 30 July Radcliffe Committee Report.1969 1-2 December The Hague Summit: EMU becomes an objective of the EEC.1971 18 April Establishment of the Standing Committee on the Euro-CurrencyMarket15 August Nixon suspends gold convertibility of US dollar.1973 March New currency crisis: definitive end of the Bretton Woods regime.October OPEC raises oil prices by 70%.1974 June Bankhaus Herstatt collapses.OctoberDecemberFranklin National Bank collapses.Establishment of the Basel Committee on Banking Supervision(BCBS).1975 December "Basel Concordat" calls on host- and home-country authorities toshare supervisory responsibility for banks' foreign activities.1979 13 March Establishment of the European Monetary System.JuneSecond oil shock.October Tightening of US monetary policy.1980 April Euro-Currency Standing Committee also entrusted with themonitoring of international banking developments.1981 October First meeting of the Group of Payment System Experts.1982 March Hungarian debt crisis.12 August Mexican troubles: start of Latin American debt crisis.1983 April Creation of the International Organisation of SecuritiesCommissions (IOSCO).MayReport "Principles for the Supervision of Banks' ForeignEstablishment".1984 May Continental Illinois Bank collapses.1985 14 June European Commission White Paper on Completing the InternalMarket.1986 April Report on "Recent Innovations in International Banking" (CrossReport).JuneMexican foreign debt default averted.1987 19 October Black Monday: stocks drop by 22.6% on Wall Street.1988 27-28 June Hanover Summit: creation of the Delors Committee.July"Basel Capital Accord".1989 February "Report on Netting Schemes".1990 April Report on "Principles for the Supervision of Banks' ForeignEstablishments".1 July Beginning of stage one of EMU (abolishment of capital controls).12 November Establishment of permanent Committee on Payment andSettlement Systems (CPSS).NovemberReport of the Committee on Interbank Netting Schemes(Lamfalussy Report).1991 5 July Bank of Credit and Commerce International closed afterallegations of fraud.9-10 December European Council agrees on Maastricht Treaty.1992 September Report "Delivery versus Payment in Securities SettlementSystems".1993 September Report "Central Bank Payment and Settlement Services withRespect to Cross-Border and Multi-Currency Transactions".1994 1 January Start of stage two of EMU (establishment of the EuropeanMonetary Institute).JulySeptemberNovemberPublication by the BCBS of guidelines for the supervision and riskmanagement of derivatives.Report: "A Discussion Paper on the Public Disclosure of Marketand Credit Risk by Financial Intermediaries" (Fisher Report).Report on "Macroeconomic and Monetary Policy Issues Raised bythe Growth of Derivative Markets" (Hannoun Report).30