1  For a history of modern central banks, see Forrest Capie, Charles Goodhart, Stanley Fischer, and Norbert Schnadt, The Future of Central Banking: The Tercentenary Symposium of the Bank of England, 1994.
BIS central bankers’ speeches  3  The invention of a “lender of last resort” The second innovation is the idea of central banks as a “lender of last resort.” In 1861, the year that the treaty of amity and commerce between Germany and Japan was concluded, Walter Bagehot became editor-in-chief of The Economist magazine in England.