Bretton Woods is the popular name for the International Monetary Conference held at Bretton Woods, N.H., in July 1944. Representatives of 44 countries attended the conference. They made plans to stabilize the world financial system and foster the growth of trade after World War II. The representatives hoped to remove obstacles to long-term lending and international trade and payments.
The Bretton Woods Conference drew up the plans for two international organizations–the International Monetary Fund and the World Bank. The fund works to promote international financial stability by providing short-term assistance to help its members meet problems regarding balance of payments. The bank makes long-term international loans, especially to less developed countries.
