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Bretton Woods Conference
By Venkat Rama Murthy
The global economy is in doldrums and the world is fighting back to come to terms with the enormity of the situation. Wall street is in jitters, the impact which has shaken the global economic indices. Now French President Nicolas Sarkozy and President of The European Union (EU) Jose Manuel Barroso want the 'Bretton Woods Conference' to be declared obsolete in order to decide for a 'new global financial order'. And what's this 'Bretton Woods Conference'? The Bretton Woods Conference took place at Washington Hotel in Bretton Woods, New Hampshire to regulate International Financial Order post World War II. The conference gained importance, for 730 delegates from 44 allied nations gathered to sign agreements for setting up of IBRD (International Bank for Reconstruction and Development), GATT (General Agreement on Tariff and Trade) and the IMF (International Monetary Fund). Therefore this conference assumes significance, which is slowly trying to replace itself with fresh economic policy due to vagaries of economy and, of course- time, if demands of the EU are any indication. As global scenes have changed and the much expected dollar has not come to the rescue of the bearish economy - the palpable gloom, has probably prompted Sarkozy and Barroso to press for an absolute economic reform immediately. The European Union has 27 members in its forum, which is an additional info. |
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This intel was contributed by murthy
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May, 2012
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