Which twin institutions were created as a result of the Bretton Woods Conference in July 1944 to preserve global economic stability?
Answer
B. International Monetary Fund and World Bank
The correct answer is B. International Monetary Fund and World Bank — Name the two institutions established: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (commonly known as the World Bank).
Step-by-step solution
- Recall the United Nations Monetary and Financial Conference held at Bretton Woods in New Hampshire, USA, in July 1944.
- Identify the main objective: to establish economic stability and full employment in the industrial world after World War II.
- Name the two institutions established: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (commonly known as the World Bank).
Common mistake: Confusing the World Bank and IMF with later global trade bodies like the World Trade Organisation.
Concept tested: Bretton Woods Institutions
Published · How this solution was prepared and checked
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