The United States was committed to establishing a framework for the post- war world that would ensure economic development and stability. In July 1944, it sponsored the U.N. Monetary & Financial Conference in Bretton Woods, New Hampshire.
Forty four nations attended the Conference. A plan was agreed upon to establish an International Monetary Fund to help stabilize currencies and promote international trade. The delegates also agreed to the establishment of the International Bank for Reconstruction and Development, which later came to be known as the World Bank.