The World Bank and the International Monetary Fund (IMF) were both created at the 1944 Bretton Woods Conference, with complementary missions. Know more:
The World Bank and the International Monetary Fund were both created at the 1944 Bretton Woods Conference, with complementary missions. The WB was established to help rebuild Europe and Japan after World War II. Its official name was the International Bank for Reconstruction and Development. When it first began operations in 1946, it had 38 members. Today, most of the countries in the world are members.
From the Associated Press: “Guterres’ criticism, in a recent paper, isn’t the first time he’s called for overhauling global financial institutions. But it is his most in-depth analysis of their problems, cast in light of their response to the pandemic, which he called a ‘stress test’ for the organizations.”
Maurice Kugler, a professor of public policy at George Mason University, told The Associated Press that the institutions’ failure to help the neediest countries “reflects the persistence of a top-down approach in which the World Bank president is a US national appointed by the US president and the IMF managing director is a European Union national appointed by the European Commission.”
On June 22 and 23, Macron will convene heads of state and government representatives of financial institutions, and representatives of the private sector and civil society in Paris to lay the foundation for a new system that will meet the world’s shared challenges: fighting inequality, climate change and protecting biodiversity.
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