In 1946 in Washington, D.C., the international organization to monitor the new international monetary system came into existence--the International Monetary Fund (IMF).

International Monetary System

At an international meeting in Bretton Woods, New Hampshire, in July 1944, it was decided to create a new international monetary system and a permanent international organization to monitor it.

European Union

The IMF endeavors to stabilize the international monetary system by temporarily lending resources in the form of foreign currencies and gold to countries experiencing international payment difficulties.