Glossary of Customs Terms

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Bretton Woods Conference A meeting of Central Bank economists and other government officials, formally known as the United Nations Monetary and Financial Conference, that took place in Bretton Woods, New Hampshire, in July 1944. The conference was convened to consider alternative proposals put forward by British and American financial experts relating to international payments problems, the economic reconstruction needs of Europe upon the conclusion of World War II, and the need to ensure stable exchange rates and free convertibility of currencies. The compromise solution negotiated at Bretton Woods envisaged the establishment of an International Monetary Fund and an International Bank for Reconstruction and Development (the World Bank). The presumed need for an International Trade Organization was also informally considered at Bretton Woods.
See also: General Agreement on Tariffs and Trade, International Monetary Fund, World Bank,