Q. Which of the following institutions are called as Bretton Woods twins?

[A] World Bank and International Labour Organization

[B] World Bank and International Monetary Fund

[C] International Monetary Fund and United Nations

[D] United Nations and World Bank

Answer: B

Explanation: As the powerful nations of the world were hopeful of a new and more stable world order with the emergence of the UNO, on the contrary, they were also anxious for a more homogenous world financial order, after the Second World War.

  • The representatives of the USA, the UK and 42 other (total 44 countries) nations met at Bretton Woods, New Hampshire, USA in July 1944 to decide a new international monetary system.
  • The International Monetary Fund (IMF) and the World Bank (with its first group-institution IBRD) were set up together—popularly called as the Bretton Woods’ twins —both having their headquarters in Washington DC, USA.

Source: TMH Ramesh Singh