Fifty Years After Bretton Woods The Future of the IMF and the World Bank Proceedings of a conference held in Madrid, Spain September 29-30, 1994 James M. Boughton and K. Sarwar Lateef Editors International Monetary Fund World Bank Washington • 1995 ©International Monetary Fund. Not for Redistribution <91995 lnternationalMonetary Fund and World Bank Reprinted June 1995 This book was designed and produced by the IMF Graphics Section. Front cover photographs: The Mount Washington Hotel, Bretton Woods, New Hampshire, U.S.A., IMF archives: and Palacio Municipal de Congresos, Cam po de las Naciones, Madrid, Spain, IMF photo by DenioZara. Cataloging-in-Publication Data Fifty Years after Bretton Woods : the future of the IMF and the World Bank : proceedings of a conference held in Madrid, Spain, Septem her 29-30, 1994 1 jamesM. Boughton and K. Sarwar Lateef, editors. -Washington:International Monetary Fund :World Bank Group, 1995. ISBN 1-55775-487-X ı. International finance-Congresses. 2. International Mone tary Fund- Congresses. 3. World Bank-Congresses.I. Bough ton, james M. Il. Lateef, K. Sarwar. HG388l.F4 1995 Price: US$21.00 Please send orders to: InternationalMonetary Fund, Publication Services 700 19th Street, N.W., Washington, D.C. 20431,U.S.A. Tel.: (202) 623-7430 Telefax: (202) 623-7201 Internet:
[email protected] ©International Monetary Fund. Not for Redistribution Foreword The Bretton Woods conference of July 1944 was of incalculable impor tance for the world economy. It demonstrated and gave life to a remark able spirit of international economic cooperation; produced agreements that made possible the reconstnıction of war-torn economies and an un precedented growth of output and trade in the following decades; and created two institutions, which we now have the honor to lead, that have been central in the effort to achieve those goals.