27.12.

1945: How was the International Monetary Fund (IMF) Established?

1945: How was the International Monetary Fund (IMF) Established?
Photo Credit To https://upload.wikimedia.org/wikipedia/en/thumb/7/7e/International_Monetary_Fund_logo.svg/1005px-International_Monetary_Fund_logo.svg.png

Story Highlights

  • Historical event
  • 27 December 1945
  • The establishment of the IMF was agreed upon at the famous conference in Bretton Woods (named after a resort in the state of New Hampshire on the northern United States).

On this day two important global financial institutions were established: the World Bank and the International Monetary Fund (IMF). The formation of these institutions was agreed upon at the famous conference in Bretton Woods (named after a resort in the state of New Hampshire in the northern United States, where the conference was held). One of the chief negotiators in Bretton Woods was the famous British economist John Maynard Keynes (already bearing the title of Lord Keynes). However, his ideas were not fully accepted, but were considerably moderated. Interestingly, from its establishment until today, Americans were, as a rule, at the head of the World Bank, while Europeans were at the head of the International Monetary Fund. Both institutions were often criticized, as they are today.

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