28 Sep Multilateral Trade Agreements
The Bretton Woods Agreement established a permanent financial institution to promote international monetary cooperation and to establish mechanisms for countries to advise and cooperate. This institution, called the IMF, a special agency of the United Nations, was part of a planned system that included a bank that dealt with long-term investments, the IBRD, a trade organization (ITO) that eventually became the WTO, and measures to promote full employment within the framework of the United Nations Economic and Social Council. The IMF would have a Board of Governors representing all member countries that meet annually, an Executive Committee composed of five members from countries with the largest quotas and who would meet on an ongoing basis, and a Managing Director who would not be a member of the Executive Board. Voting in both forums should be based on quotas. .