World Depression of 1929 cancelled the gold standard It resulted in difficulties in World Trade, Exchange of Money and the Investment at the international level. The second World War badly affected financial position of those countries involved in the War. In order to improve the financial position and the smooth settlement of financial transaction, economic co-operation was essential. There was a need of the Central Bank of the Central Banks. This kind of institutions was established in the form of the IMF. ➤ 1. Establishment Experts from U.S.K., U. K. and other countries discussed at a length the issue of international economic co-operation. The outcome of this discussion was the United Nation Monetary and Financial Conference at Bretton Wood, New Hampshire, U.S.A. the conference was organized on 1s t July 1944 to 22nd 1944. The representative of the 44 countries attended the conference. It completed the final draft of article of agreement of the IMF and the IBRD. The article