Bretton Woods and Mexico: Balancing of the International Monetary Fund and the World Bank

The celebration in 1994, of the first fifty years of the International Monetary Fund (IMF) and the World Bank (WB) was a reason for reviewing the role the two institutions have played in maintaining international monetary order and in financial support for development. Since the creation of the two international bodies, Mexico has always had an active participation. In the forties, our country stated its concern that the WB really use financing for development and not just for European reconstruction. Likewise, the Mexican delegation took part in writing up and defining many technical aspects of the IMF’s charter. Currently, neither the IMF nor the WB have an adequate structure and operation to confront the global needs that have been generated. It may be necessary for these institutions to coordinate with other bodies in order to establish effective mechanisms for international financial and economic cooperation.