Bretton Woods Agreement Arrived At In

Despite its name, the World Bank was not (and is) not the central bank of the world. At the time of the Bretton Woods Agreement, the World Bank was created to lend to European countries devastated by the Second World War. The World Bank`s focus has changed in providing lending to economic development projects in emerging countries. Section 3 (e). The proposal to make an alternate available to each Executive Director was adopted in principle. The debate has, to some extent, reflected the debate on whether the Executive Directors should continue to work (see section 3, point (g) below). However, a small controversy has developed as to how deputy executive directors should be chosen. The proposal submitted by the United States did not propose a methodology for the selection of Deputy Executive Directors,60 but an ad hoc subcommittee appointed to consider all proposals relating to Executive Directors, suggested that each Executive Director could appoint an alternate.61 Norway proposed an amendment to elect alternates and Executive Directors by members. 62 The Norwegian delegation considered that it might be difficult for each Member State to reach an agreement with the Executive Director on the suitability of an alternate proposed by the latter. On the other hand, it was suggested that it was better to consider the Executive Director and his deputy as a team of two, and to ensure that the team was harmonious, the Director should be able to elect his own deputy.

The latter opinion was accepted by the Commission and the proposal for the Executive Directors to appoint alternates was adopted. The next section, after the precedent of the failing Inter-American Bank of 1940, created a National Advisory Council for International Monetary and Financial Problems. The members of the Council should be the Minister of Finance, the Minister of Foreign Affairs, the Minister of Commerce, the Chairman of the Board of Governors of the Federal Reserve System, and the Chairman of the Board of Directors of the Export Import Bank of Washington.81 and the bank. In addition, it was clarified that whenever the articles of the agreement required the approval, approval or approval of the United States for an act of the Fund, the Council had to decide whether to grant or refuse authorization, approval or agreement. . . .

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