America has total control over every decision that either of the institutions make?
Didn't we keep calling that army in Iraq a Multi National Force? Even though we were the only ones left? MARKETING!
Together the World Bank and the IMF are known as the Bretton Woods Institutions in honor of the New Hampshire village in which they were created in July 1944 by 44 delegates to the United Nations, which oversees them. Many people think the names should be adjusted somewhat, as the IMF acts more like a bank by assuring that international funds are distributed in equal measure among the U.N. member countries and the World Bank funds developing countries to assure better qualities of life for their inhabitants. Of the 11 Managing Directors of the IMF since the position was created in 1946, more or less half -- five -- were from France, including the present holder of the job. No American has ever been MD of the IMF. However, the Executive Board, which controls the daily business of the IMF, gives the greatest percentage of voting power to the U.S. (16.75) compared to the number two-ranked country, Japan, with 6.23% of the vote. The World Bank allots 250 votes to every member country and is open to the same nations as the IMF, plus one vote per share of the Bank's capital stock owned by a given country. Again, the U.S. has the most shares of capital stock. The five countries with the most shares of stock -- now the U.S., Japan, Germany, France and the U.K. -- are appointed by their co-members of the Bank; China, the Russian Federation and Saudi Arabia elect their Executive Directors. The rest of the Directors are appointed by the top eight. However, power in the World Bank varies from department to department.
