The Bretton Woods Conference established the IMF in ____.

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Detailed Solution

The Bretton Woods Conference established the IMF in 1944. The Bretton Woods Institutions, also known as the Bretton Woods twins, are the World Bank and the International Monetary Fund (IMF). They were founded in July 1944 in Bretton Woods, New Hampshire, during a meeting of 43 countries. In the post-World War II era, these countries agreed to build a family of organisations to address major challenges in the global financial system. The IMF would create a stable environment for foreign trade by coordinating its countries' monetary policies and preserving exchange stability. It would be able to offer short-term financial assistance to countries facing balance-of-payments difficulties. The World Bank, on the other hand, would lend money to war-torn countries to help them improve their trading capabilities.

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