On July 1, 1944 delegates from 44 nations gathered on, at the remote Mount Washington Hotel in Bretton Woods, New Hampshire, to take part in what is now known as the Bretton Woods Conference, as fighting raged in Europe and the Pacific during the Second World War. They met with the intention of reaching a consensus on a system of international cooperation and economic regulation that would aid in the recovery of nations from the devastation caused by the war and promote long-term global growth. The International Bank for Reconstruction and Development's (IBRD) and the International Monetary Fund's (IMF) Articles of Agreement were produced by conference attendees at its conclusion.
The United Nations Monetary and Financial Conference, as it was officially titled, began on July 1, 1944, with 730 delegates in attendance. Henry Morgenthau Jr., secretary of the U.S. Treasury, presided over the gathering. Commission II, which dealt with the idea for a bank for reconstruction and development, was headed by Lord John Maynard Keynes of the British delegation. The commission's committees were entrusted with reviewing the rough draft delivered to the conference and compiling extra recommendations and ideas. Among the participants who were actively involved were Mexico, Chile, Brazil, Russia, Belgium, the Netherlands, Czech Republic, Poland, Canada, China, and India. The planned bank's capital structure and twin goals of development and reconstruction dominated many of the debates.
Commission II leader Lord John Maynard Keynes (center).
The United Nations Monetary and Financial Conference's Final Act, which contained charters describing the objectives and workings of the IMF and IBRD, was signed by the delegates on July 22, 1944.. On December 27, 1945, when delegates from 21 nations gathered in Washington, DC to become the Bank's founding members, the IBRD Articles of Agreement were ratified.
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