Bretton Woods Conference (original) (raw)
The Bretton Woods Agreements of 1944 and 1945 established the International Bank for Reconstruction and Development (or World Bank) and the International Monetary Fund. The United Nations Monetary and Financial Conference was held in July 1944 at Bretton Woods, New Hampshire. The organizations became operational in 1946 after a sufficient number of countries had ratified the agreement. The architecture of a post-World War II international financial system has largely stayed in place, despite major shifts in monetary policy (including eliminating the gold standard).