It became clear during the financial crisis of 2008 that the central bank model of providing liquidity for global growth was coming to an end. This followed on earlier financial and monetary events, such as the Asian currency crisis of 1997, which provided indications of a fundamental and structural problem with the global monetary system.
While some pundits, analysts, and policymakers across the political and economic spheres have been unable to follow the logic behind such a conclusion, the facts and trends are undeniable. The Bank of Amsterdam was the world's first central bank and was established in 1603. This bank represented the preeminence of the Dutch Empire and was followed with the establishment of the Bank of England, the world's second central bank, which in turn represented the emergence of the British Empire and expansion of the East India Trading Company around the world.
The East India Trading Company was instrumental in both spreading and enforcing the use of the British pound in all the regions of the world which it established business relationships and trade deals. A modern comparison would be perhaps found in OPEC, which regulated global energy trade and production while ensuring trade arrangements were balanced in USD. The history of such companies being aligned with the interests of its origin nation and the corresponding banking, business, and trade needs is widespread throughout the last 400 years. Such relationships spanned empires and borders as one after another central bank was established in the nations of the world.