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The G-8, however, was able to compensate for the lack of global economic coordination from the point of view of major industrialized countries, while making use of the existing autonomy of the Bretton Woods institutions in the context of the UN Charter. Changes in the two Bretton Woods institutions since their inception sixty years ago have led to various calls for reforms meant to reconfirm the basic mandates of the International Monetary Fund and the World Bank and to eliminate duplication of effort. The dense woods of New Hampshire gave birth to the Bretton Woods institutions -- the IMF and World Bank -- in 1944. |
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