(2) Articles of Agreement to create the IBRD, whose purpose was to speed reconstruction after the Second World War and to foster economic development, especially through lending to build infrastructure. The Bretton Woods Conference had three main results: (1) Articles of Agreement to create the IMF, whose purpose was to promote stability of exchange rates and financial flows. The United Nations Monetary and Financial Conference held at Bretton Woods, New Hampshire on 1–22 July 1944.
The Atlantic City conference was held from June 15–30, 1944. IBRD." (The word "International" was added to the Bank's title late in the Bretton Woods Conference.) The United States also invited a smaller group of countries to send experts to a preliminary conference in Atlantic City, New Jersey, to develop draft proposals for the Bretton Woods conference. government invited the Allied countries to send representatives to an international monetary conference "for the purpose of formulating definite proposals for an International Monetary Fund and possibly a Bank for Reconstruction and Development. (See below for Keynes's proposal for an International Clearing Union.) After negotiation between officials of the United States and the United Kingdom and consultation with some other Allies, a "Joint Statement by Experts on the Establishment of an International Monetary Fund", was published simultaneously in a number of Allied countries on April 21, 1944. and the U.K., the most influential parties in the conference, had not decided whether such a system was in their national best interests.Įarly in World War II, John Maynard Keynes of the British Treasury and Harry Dexter White of the United States Treasury Department independently began to develop ideas about the financial order of the postwar world. Thus, to prevent a new crisis in the post-war world, the world economies deemed it imperative to establish a system that fostered international economic cooperation. Germany's subsequent economic turmoil led to its financial collapse and eventually to the rise of Nazism and World War II, aligning with some of John Maynard Keynes's concerns in The Economic Consequences of the Peace, published in 1919. In the autumn of 1923, 1 Dollar was worth about 4 trillion Marks, forcing the population to barter. The Versailles treaty imposed reparations on the country for the damages it caused in World War I, and hyperinflation greatly affected the German economy. Īdditionally, countries were concerned with crises like the one suffered by Germany in the 1920s. There would be a need for an entity that fostered equilibrium in exchange rates and prevented competitive devaluations while ensuring domestic policy autonomy for high employment and real income. They wanted to avoid the complications, faced during the interwar period, due to leaving the gold standard, the great depression, and trade wars that spread the depression globally. Countries sought to establish an international monetary and financial system that fostered collaboration and growth among the participating countries. Multilateral economic cooperation among countries was crucial for the post-war world economies. This led to what was called the Bretton Woods system for international commercial and financial relations. Agreements were signed that, after legislative ratification by member governments, established the International Bank for Reconstruction and Development (IBRD, later part of the World Bank group) and the International Monetary Fund (IMF). The conference was held from July 1 to 22, 1944. The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 allied nations at the Mount Washington Hotel, in Bretton Woods, New Hampshire, United States, to regulate the international monetary and financial order after the conclusion of World War II.
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