Origins, History of the IMF

The International Monetary Fund was first conceived between July 1-22, 1944, at the United Nations Monetary and Financial Conference in Bretton Woods, New Hampshire. The conference was attended by representatives of 45 nations, which were called together in order to plan and lay the groundwork for a cooperative economic framework to solve global financial crises before they occur. One key reason for the conference was to put in place the fiscal mechanisms which would provide protection against a possible repeat of the terrible Great Depression of the 1930s.

Also, another significant reason for the Bretton Woods conference was that WWII was showing signs of winding down in 1944, and the allied nations that were about to put the finishing touches on the defeat of the Nazis and of Japan, were seeking solutions to hitherto chaotic international monetary relations. It was a time for the practical...
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