Seminar efected by the Central Bank of Chile, on November 1981.Opening speech delivered by Mr. Hernán Felipe Errázuriz, Vicepresident of Central Bank of Chile – The Central Bank of Chile during the period 1925-1950 / Donald L. Kemmerer -- The Central Bank of Chile during the period 1950-1970 / Jorge Marshall – International aspects of Central Banking: currency substitution as a policy problem / Roland Vaubel -- The role of Central Banking: lessons from the European experience / Pascal Salin -- Tables.