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1.They symbolized the ideal of Bretton Woods—the belief in a common inter- est in international cooperation, the importance of certain basic rules of good behavior with respect to exchange rates, and the need for development among the multitude of “emerging” nations. Quite specifically, the Fund was called upon to undertake a central role in resolving a succession of financial crises in the “emerging” world in the 1980s and 1990s.
2. We have come to recognize that
the wisest and most effective way
to protect our national interests is through international cooperation. This is to say, through united effort for the attainment of common goals. This has been the great lesson of contemporary life, that the peoples of the earth are inseparably linked to one another by a deep, underlying community of purpose.
—U.S. Treasury Secretary Henry Morgenthau Jr. at the closing session of the 1944 Bretton Woods Conference
3.The World Trade Organization (WTO) is a clear example of international cooperation in action.The WTO is ulti- mately the result of governments around the world being willing to cooperate on trade. Its creation and subsequent success reflects the growing realization among more and more countries that opening trade can lead to growth and development; that agreed-upon rules can strengthen, not weaken, sovereignty; and that advancing national interests increas- ingly depends on advancing our collective interests.
4.We must build a credible system of global economic and financial gover- nance to meet the challenges of this new era. The present system lacks the coherence, joint capacity, and effective interplay with national strategies that are needed to support its most funda- mental goals: broad-based and inclusive growth, financial stability, and a sustain- able global future.
5.To provide credible WTO rules, accompanied by a robust system of enforcement, to enable free and fair trade between nations.
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