Based in Basel, Switzerland, the BIS functions as a master hub for all the world's central banks. It settles transactions among central banks and other international organizations. It doesn't serve private individuals, businesses, or national governments.

Because it is relatively free from political considerations, the BIS can speak about economic issues more directly than its member central banks can. And its candor has grown steadily in recent years.

When central bankers like Janet Yellen or Mario Draghi speak, we have to discount their statements because they have policy agendas to promote. While the BIS has an agenda, too, the bank isn't tied to any particular economy or government. Its analysts are paying attention to how the world functions in toto.