Question

What do you mean by “bretton woods conference”? which are called the twins of it?

Answer 1

Hint: Mainly signed after conclusion of world war 2. It is related to financial and commercial relations. Brain child of allied nations specially USA.

Complete Answer:
Bretton wood conference:
1. It is formally known as the United nations monetary and financial conference.
2. Its main idea was to regulate international monetary and financial order and rebuild the shattered economy after world war 2.
3. Conference held in july 1944 and with 43 countries in the USA .
4. The conference focused on an open market system, to lower trade barriers,to freely trade among nations.
5. It also fixed an exchange rate system to be followed by the countries.
6. The final act of the conference incorporated the most important parts of economic cooperation and formed the renowned institution of the IMF and the world bank.

Twins of it are :
IMF: International monetary fund, to maintain global financial stability through assistance in technology, training, loans etc. Also to cover short term balances of poor countries.
Members-188 countries (india also)
Headquarter -Washington DC
Reports-world economic outlook, global financial report.

World bank consist of 5 agencies (IBRD,IDA,IFC,MIGA,ICSID)
Also provides financial, technical, assistance to developing countries
Main goal is to reduce poverty.
Headquarter-Washington DC
Members-189(india also)
Reports-world development report.

Note: President of USA (Roosevelt) ,UK( Churchill ) hosted the conference. It also leads to the formation of GATT (later becomes WTO). India also participated in the conference. It led to smooth international trade.