Bretton Woods Institutions
Bretton Woods Institutions : In 1944, towards the end of World War 2, representatives from some 44 nations met at Bretton Woods, New Hampshire in the United States to lay the foundations of the post-war international economy. The driving thought for this conference was that "greater economic cooperation between nations could promote stability and economic growth". Three institutions were proposed: The International Monetary Fund (IMF), to provide support for nations with balance of payments problems, whilst working to remedy their deficits. The International Bank for Reconstruction and Development (IBRD)/World Bank, to provide loans for the reconstruction the of war-torn industrialized countries. The International Trade Organization (ITO) to address the world's unequal trading system. However, only the IMF and the IBRD were actually established in 1944 at the "Bretton Woods Conference". The ITO came into being some years later (1948) as the General Agreement on Tariffs and Trade (GATT) and was reformed in 1995 as the World Trade Organization (WTO). As such, only the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD)/World Bank are collectively known as the "Bretton Woods Institutions" or "BWIs"
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