Maurice Frère
Encyclopedia
Maurice Frère was a Belgian
civil servant and governor of the National Bank of Belgium
(NBB) from 1944 until 1957. He lectured at the Free University of Brussels
(now split into the Université Libre de Bruxelles
and the Vrije Universiteit Brussel
).
Maurice Frère graduated as a commercial engineer at the École de Commerce Solvay.
During the years between World War I
and II
, he participated as an expert in several conferences concerning the problems of the German reparations and the general economic situation. In 1938 he was appointed as president of the Belgian Banking Commission, where he succeeded Georges Janssen. Shortly after the outbreak of World War II
, he became administrator at the Banque d'Émission à Bruxelles, but in 1942 he resigned from that post. At the end of the war, he was appointed governor of the National Bank of Belgium.
Immediately after his appointment he had to deal with the massive currency reform, known as the Operation Gutt
, which reduced the money supply in Belgium by almost two-thirds in order to stabilise the currency. The Belgian law of 28 July 1948 made provision for reinforcing the public character of the Bank, while guaranteeing its autonomy.
He was involved in the organisation of the new international monetary system, following the Bretton Woods
agreements. In 1946, he became chairman of the Board of Directors
of the Bank for International Settlements
(BIS) in Basle (Switzerland
). He remained president of the BIS until 1958 after which he remained a member of the Board of Directors.
In 1950, together with Hubert Ansiaux
, he was involved in setting up the European Payments Union
with the aim of replacing bilateral
payments with a system of multilateral trade and payments.
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
civil servant and governor of the National Bank of Belgium
National Bank of Belgium
The National Bank of Belgium has been the central bank of Belgium since 1850...
(NBB) from 1944 until 1957. He lectured at the Free University of Brussels
Free University of Brussels
The Free University of Brussels was a university in Brussels, Belgium. In 1969, it split into the Université Libre de Bruxelles and the Dutch-speaking Vrije Universiteit Brussel....
(now split into the Université Libre de Bruxelles
Université Libre de Bruxelles
The Université libre de Bruxelles is a French-speaking university in Brussels, Belgium. It has 21,000 students, 29% of whom come from abroad, and an equally cosmopolitan staff.-Name:...
and the Vrije Universiteit Brussel
Vrije Universiteit Brussel
The Vrije Universiteit Brussel is a Flemish university located in Brussels, Belgium. It has two campuses referred to as Etterbeek and Jette.The university's name is sometimes abbreviated by "VUB" or translated to "Free University of Brussels"...
).
Maurice Frère graduated as a commercial engineer at the École de Commerce Solvay.
During the years between World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
and II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, he participated as an expert in several conferences concerning the problems of the German reparations and the general economic situation. In 1938 he was appointed as president of the Belgian Banking Commission, where he succeeded Georges Janssen. Shortly after the outbreak of World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, he became administrator at the Banque d'Émission à Bruxelles, but in 1942 he resigned from that post. At the end of the war, he was appointed governor of the National Bank of Belgium.
Immediately after his appointment he had to deal with the massive currency reform, known as the Operation Gutt
Camille Gutt
Camille Gutt , born Camille Guttenstein, was a Belgian economist, politician, and industrialist. He served as the first Managing Director of the International Monetary Fund from 6 May 1946 to 5 May 1951...
, which reduced the money supply in Belgium by almost two-thirds in order to stabilise the currency. The Belgian law of 28 July 1948 made provision for reinforcing the public character of the Bank, while guaranteeing its autonomy.
He was involved in the organisation of the new international monetary system, following the Bretton Woods
Bretton Woods system
The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states in the mid 20th century...
agreements. In 1946, he became chairman of the Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
of the Bank for International Settlements
Bank for International Settlements
The Bank for International Settlements is an intergovernmental organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks." It is not accountable to any national government...
(BIS) in Basle (Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
). He remained president of the BIS until 1958 after which he remained a member of the Board of Directors.
In 1950, together with Hubert Ansiaux
Hubert Ansiaux
Hubert Ansiaux was a governor of the National Bank of Belgium from 1957 until 1971.After he graduated from the École de Commerce Solvay, he joined the National Bank of Belgium in 1935...
, he was involved in setting up the European Payments Union
European Payments Union
The European Payments Union was an organization in existence from July 1950, until December 1958, when it was replaced by the European Monetary Agreement.With the end of World War II, economic depression struck Europe...
with the aim of replacing bilateral
Bilateralism
Bilateralism consists of the political, economic, or cultural relations between two sovereign states. For example, free trade agreements signed by two states are examples of bilateral treaties. It is in contrast to unilateralism or multilateralism, which refers to the conduct of diplomacy by a...
payments with a system of multilateral trade and payments.