In 1944, the tide was turning against the Axis powers, and delegates from 45 nations met at the United Nations (UN) Monetary and Financial Conference in Bretton Woods, New Hampshire, in July. A postwar international monetary system was necessary, and the delegates concurred to the Bretton Woods Agreement. It gave birth to international institutions: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (the World Bank). Although formally created in 1945, with 29 member countries, it began operating on March 1, 1947, with headquarters in Washington, DC. The members contributed $8.8 billion. Its primary motives were recovery of Europe and regulation of unstable exchange rates and protectionist trade policies. An international monetary cooperation was also in the agenda. Apart from providing ...