The Basel Committee is an indispensable and important international organization in the field of international finance. The International Monetary Fund (IMF) is a specialized agency of the United Nations and has its own independence in operation. Its purpose and business scope are to provide short-term loans to member countries (no loans to private enterprises and organizations) to balance the temporary imbalance of their international payments, promote the stability of exchange rates among countries and abolish foreign exchange controls.
The Basel Committee was established at the end of14 * * by the central banks of the United States, Britain, France, Germany, Italy, Japan, the Netherlands, Canada, Belgium and Sweden. As the official institution of the Bank for International Settlements, it is represented by central bank officials and banking supervision authorities, and its headquarters is in Basel, Switzerland.