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Financial Centres and International Capital Flows in the Nineteenth and Twentieth Centuries$
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Laure Quennouëlle-Corre and Youssef Cassis

Print publication date: 2011

Print ISBN-13: 9780199603503

Published to Oxford Scholarship Online: September 2011

DOI: 10.1093/acprof:oso/9780199603503.001.0001

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The Banque de France, the Bank of England, and the Stabilization of the Romanian Currency in the Late 1920s

The Banque de France, the Bank of England, and the Stabilization of the Romanian Currency in the Late 1920s

Chapter:
(p.198) 9 The Banque de France, the Bank of England, and the Stabilization of the Romanian Currency in the Late 1920s
Source:
Financial Centres and International Capital Flows in the Nineteenth and Twentieth Centuries
Author(s):

Ileana Racianu

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199603503.003.0009

Initially a technical problem, the stabilization of the Romanian currency turned into a test case for the political and financial influence of the French and British central banks in the region within the context of a renewed rivalry between London and Paris as international financial centres. Invited to cooperate in the Romanian stabilization in June 1927, the Governor of the Bank of France and the Governor of the Bank of England approached the problem from a different perspective. Norman considered that the League of Nations' assistance was the proper route for the Romanian government to take, while Moreau favoured a credit from the central banks led by the Bank of France. Moreau's initiative, supported by the Quai d'Orsay, eventually caused the Romanian
government, to break negotiations with the League of Nations and to officially ask the Bank of France, against Norman's opposition, to lead the stabilization of the leu, which was stabilized in 1929 by a consortium of central banks led by the Bank of France.

Keywords:   British central bank, French central bank, Romanian currency, Norman, Moreau, Bank of England, Bank of France, League of Nations, leu

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