In which year was the Bretton Woods Agreement signed, and which two institutions were established as a result?

The Bretton Woods Agreement was formally known as the United Nations Monetary and Financial Conference, held in Bretton Woods, New Hampshire, USA. It was signed in July 1944, towards the end of World War II. The primary goal of the conference was to establish a new international monetary and financial order to foster global economic stability and prevent future economic crises like the Great Depression.

As a direct result of the agreement, two pivotal international financial institutions were established:

    
• International Monetary Fund (IMF): Its main objective is to promote international monetary cooperation, ensure exchange rate stability, facilitate international trade, and provide temporary financial assistance to countries experiencing balance of payments problems.
    
• International Bank for Reconstruction and Development (IBRD): This institution, commonly known as the World Bank, was initially set up to finance the reconstruction of war-torn European countries. Over time, its focus shifted to providing financial and technical assistance to developing countries worldwide, aiming to reduce poverty and support sustainable development.

These two institutions, often referred to as the "Bretton Woods Institutions," have played crucial roles in shaping the global economy and international finance for over seven decades.