• On December 27, 1945, 29 countries ratified the articles of the International Monetary Fund (IMF). Today, the IMF is “an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”
     
    The IMF was a product of the Bretton Woods Conference, held in Bretton Woods, New Hampshire, in 1944. The Bretton Woods Conference aimed to secure and regulate the global financial system following the devastation of World War II
     
    The so-called Bretton Woods System regulated the world’s economies for decades. The IMF and its sister organization, the World Bank, established guidelines for activities such as international loans to developing nations and regulations to help balance trade.
  • Term Part of Speech Definition Encyclopedic Entry
    cooperation Noun

    the act of working together.

    devastation Noun

    ruin or destruction.

    economic Adjective

    having to do with money.

    employment Noun

    job or work.

    establish Verb

    to form or officially organize.

    facilitate Verb

    to help or make easier.

    financial Adjective

    having to do with money.

    foster Verb

    to promote the growth or development of something.

    International Monetary Fund (IMF) Noun international economic organization whose mission is "to help ensure stability in the international system. It does so in three ways: keeping track of the global economy and the economies of member countries; lending to countries with balance of payments difficulties; and giving practical help to members."
    monetary Adjective

    having to do with money or currency.

    poverty Noun

    status of having very little money or material goods.

    promote Verb

    to encourage or help.

    ratify Verb

    to formally approve or confirm.

    reduce Verb

    to lower or lessen.

    regulate Verb

    to determine and administer a set of rules for an activity.

    secure Verb

    to guarantee, or make safe and certain.

    stability Noun

    balance or steadiness.

    sustainable Adjective

    able to be continued at the same rate for a long period of time.

    trade Noun

    buying, selling, or exchanging of goods and services.

    World Bank Noun

    United Nations organization that loans money to poor and developing nations.

    World War II Noun

    (1939-1945) armed conflict between the Allies (represented by the United States, the United Kingdom, and the Soviet Union) and the Axis (represented by Germany, Italy, and Japan.)