Bretton Woods Conference
Bretton Woods Conference (officially the United Nations Monetary and Financial Conference) It met at Bretton Woods, New Hampshire, in July 1944. It was summoned on the initiative of US President Franklin D. Roosevelt to establish a system of international monetary cooperation and prevent severe financial crises such as that of 1929, which had precipitated the Great Depression. Representatives of 44 countries agreed to establish the International Monetary Fund (IMF), to provide cash reserves for member states faced by deficits in their balance of payments, and the International Bank for Reconstruction and Development, or World Bank, to provide credit to states requiring financial investment in major economic projects.
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Bretton Woods Conference
