Bretton Woods Conference

Bretton Woods Conference
/bret"n/
an international conference called at Bretton Woods, N.H., in July 1944 to deal with international monetary and financial problems: resulted in the creation of the International Monetary Fund and the World Bank.

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officially United Nations Monetary and Financial Conference

(July 1–22, 1944) Meeting held at Bretton Woods, N.H., to make financial arrangements for the postwar era after the expected defeat of Germany and Japan.

Representatives of 44 countries, including the Soviet Union, agreed to create the International Bank for Reconstruction and Development (World Bank) and the International Monetary Fund. See also John Maynard Keynes.

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formally  United Nations Monetary and Financial Conference 

      meeting at Bretton Woods, N.H. (July 1–22, 1944), during World War II to make financial arrangements for the postwar world after the expected defeat of Germany and Japan.

      The conference was attended by experts noncommittally representing 44 states or governments, including the Soviet Union. It drew up a project for the International Bank for Reconstruction and Development (World Bank) (IBRD) to make long-term capital available to states urgently needing such foreign aid, and a project for the International Monetary Fund (IMF) to finance short-term imbalances in international payments in order to stabilize exchange rates. Although the conference recognized that exchange control and discriminatory tariffs would probably be necessary for some time after the war, it prescribed that such measures should be ended as soon as possible. After governmental ratifications the IBRD was constituted late in 1945 and the IMF in 1946, to become operative, respectively, in the two following years.

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Universalium. 2010.

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