old letters, quill, old photos

International Monetary System

In July 1944, the International Monetary System defined at the Bretton Woods Conference in the United States created the International Monetary Fund (IMF) and the World Bank. The first agency is designed to monitor the economic policies of member states and help maintain the balance of payments, that is, there is no task of sustaining deficits, and the second agency is designed to rebuild loans from war-torn economies and former colonies.