Achieving Economic Sustainability in CESEE Countries
Edited by Ewald Nowotny, Peter Mooslechner and Doris Ritzberger-Grünwald
Modern international financial cooperation can be said to have begun in 1930, with the establishment of the Bank for International Settlements (BIS). The BIS was initially set up to facilitate German World War I reparations, but effectively took over management of the Bretton Woods system of foreign exchange in 1945. In order to provide the Bretton Woods system with more tools for policy management, the International Monetary Fund (IMF) and the World Bank also were created at this time. This was the first time that a large number of nations (44 initially) had negotiated a fixed monetary and exchange rate regime. The Bretton Woods system broke down in 1971 and this led to the threat of instability of large cross-border financial institutions speculating across many currencies and time zones.
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