The Bretton Woods Conference established the
International Monetary Fund (IMF) to deal with external surplus and deficits of its member nations.
The International Bank for Reconstruction and Development (known as World Bank) was set-up to finance post-war reconstruction.
The IMF and World Bank are referred as the Bretton Woods Institutions or the twins of the Bretton Woods. The post-war international economic system is also described as the Bretton Woods System.
Both these institutions commenced financial operations in 1947, which they are continuing hitherto. Decision-making in these institutions is controlled by the Western industrial powers. The US has an effective right of veto over key IMF and World Bank decisions.