The Bretton Woods Conference
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The Bretton Woods Conference, officially known as the United Nations Monetary and Financial Conference, was a pivotal gathering held from July 1 to July 22, 1944, in Bretton Woods, New Hampshire, USA. It brought together representatives from 44 Allied nations during World War II to design a new framework for international economic cooperation and post-war recovery.
The conference aimed to:
●????? Establish a stable global monetary system to prevent the economic instabilities and competitive devaluations that had contributed to the Great Depression.
●????? Facilitate international trade and economic growth.
●????? Create institutions to oversee financial cooperation and provide support to war-torn economies.
This conference led to the creation of the International Monetary Fund (IMF), which aims to oversee exchange rate stability, provide short-term financial assistance, and foster global monetary cooperation. It also led to the establishment of the International Bank for Reconstruction and Development (IBRD) which aims to finance the reconstruction of war-torn economies and support economic development. The IBRD became part of the World Bank Group.