The IMF was founded together with the World Bank in 1944 and has 184 member states. It was originally set up to oversee the international monetary system. Since the introduction of flexible exchange rates in 1973, the IMF provides loans to help manage the financial crises of developing countries and contribute to the build up of Eastern European economies. IMF loans usually come with strict conditions aimed at improving a country’s balance of payments and growth prospects. These conditions have frequently had negative effects and have been a source of controversy for many years.

The World Bank defines itself as a development bank that promotes economic growth, fights poverty, and encourages sustainable development. Today the World Bank Group consists of five institutions that manage a wide variety of tasks. They offer loans and insurance benefits to governments and private corporations. For many developing countries the World Bank is the largest lender today. Like the IMF, it influences and determines national development strategies through controversial lending criteria. The Berne Declaration is encouraging the Swiss government, which shares one executive director at the World Bank with a number of other countries, to push for a political and institutional reform of the bank.