In 2016 the awardee of the Lamfalussy Award is not an individual, but a deservedly recognised institution, the Bank for International Settlements (BIS) seated in Basel. T he BIS, established in 1930, is the longest standing international financial organisation of the world, with sixty member central banks, representing countries from around the world that together make up 95% of world GDP.

As the bank for central banks, the BIS supports its members in their pursuit of monetary and financial stability and fosters international cooperation. Since its establishment, the BIS has pioneered the reform of monetary and financial stability thinking in several areas, thereby establishing new concepts for the functioning of modern economies. Alexandre Lamfalussy also played a significant role in the operation of this Basel-based organisation for 18 years, first as an economic adviser and later as General Manager; during his mandate he had not only established the importance of the organisation, but also provided substantial support to Hungary, his motherland. Hence this award, apart from acknowledging the outstanding and internationally acclaimed activity of the BIS staff, is also a kind of tribute to Alexandre Lamfalussy.