War significantly impacts many aspects of society, including the financial sector. World War II plunged many countries into financial crises and strained relationships between nations. To address the economic repercussions of the war and to better prepare for the future, the Bretton Woods Conference was convened by representatives from 44 different countries. This conference aimed to foster international cooperation and to create a new global economic order and monetary system. It lasted for over three weeks and officially ended on July 23, 1944.

The Bretton Woods Conference, officially known as the United Nations Monetary and Financial Conference, was primarily organized by the United States and the United Kingdom. Both countries remembered the severe instability that followed World War I and wanted to avoid repeating the same mistakes after World War II. Additionally, the United States had emerged as a global economic superpower and aimed to solidify its role while helping to create a system that would best serve its interests. The conference took place at the Mount Washington Hotel in Bretton Woods, New Hampshire.

International cooperation was central to the conference. Many countries had been working in isolation to improve their individual situations, but the conference aimed to promote collaborative efforts that would enhance global stability and security. The representatives successfully established the International Monetary Fund (IMF), a multinational financial institution that eventually became a specialized agency of the United Nations, located in Washington, D.C. Additionally, they developed the International Bank for Reconstruction and Development (IBRD), which sought to create a new system of fixed exchange rates between countries based on the U.S. dollar and gold. The IBRD aimed to provide aid and assistance to countries affected by the war.