December 27: The World Bank and IMF were created (1945)

World Bank

IMF

The World Bank (in fact, the International Bank of Reconstruction and Development (IBRD), which is a part of the World Bank) and the International Monetary Fund (IMF) came into existence on December 27, 1945 when 29 countries signed the agreement, as a result of the Bretton Woods conference in 1944. The formal name of the Bretton Woods conference is the United Nations Monetary and Financial Conference and it was a gathering of 740 delegates from 44 member nations, held in Bretton Woods, New Hampshire. At the conference, the United States and the United Kingdom dominated the negotiation - John Maynard Keynes represented the United Kingdom and Harry Dexter White represented the United States. Both organizations are based in Washington, D.C., however, the World bank is, conventionally, headed by an American, while the IMF is led by a European. The main goal of these organizations is to foster global monetary cooperation and reduce poverty around the world and they have contributed to the global economic stability. Due to their strict control over the borrowing government and the condition of their loan, these organizations are often perceived negatively.