Forty-four countries sent delegations to the Bretton Woods conference to negotiate the Bretton Woods system. Each of these 44 countries then signed the agreement. This criticism relates to the procedures and approaches of the two institutions. The common goal of the IMF and the World Bank can be seen as helping the world`s weakest economies and to narrow the gap between prosperity and poverty in the world. Few commentators oppose these goals. But both institutions have been accused of working in a way that not only fails to achieve these objectives, but also deteriorates the conditions of the economies they claim to want to improve. The World Bank, for example, has often conditioned loans to countries in urgent need of economic assistance that critics say has increased unemployment and destabilized economies. The agreement also created important international organizations such as the World Bank and the International Monetary Fund. About 730 delegates from 44 countries met in Bretton Woods in July 1944 with the main objective of creating an effective exchange rate system, preventing competitive currency devaluations and promoting international economic growth.

The Bretton Woods agreement and system have been at the heart of these objectives. The Bretton Woods Agreement also created two important organizations: the International Monetary Fund (IMF) and the World Bank. While the Bretton Woods system was dismantled in the 1970s, the IMF and the World Bank remained strong pillars for international currency exchange. The Bretton Woods Agreement was a financial agreement negotiated in 1944 at Bretton Woods, New Hampshire, which set the value of the U.S. dollar against gold and other currencies against the U.S. dollar. If they did not have some kind of world central bank from which they could borrow, they would have resorted to higher interest rates or even trade barriers, and if that were the case, it could lead to a trade war, which the Bretton Woods agreement did not want.