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In this chapter we examine two international institutions, OECD and UNCTAD, often mentioned in the press, but whose cost seems to exceed their benefit. They are known for their tendency to broach numerous subjects of a general nature. This is particularly true of the UNCTAD.

The first part of this chapter deals successively with early monetary cooperation, the European Monetary System, and the monetary union established by the Maastricht Treaty. The second part gives an appraisal of the EC’s activity.

Still following the same pattern, this chapter will deal with the origins of the North American Free-Trade Agreement (NAFTA), its most important provisions and details of operation, concluding with an appraisal.

On the same pattern as that used for the IMF, this chapter deals first with the principal provisions concerning the International Bank for Reconstruction and Development, and with its functions and significance. Its origins have already been outlined in the previous chapter. We then go on to discuss the Bank’s two affiliates — the International Finance Corporation and the International Development Association.

The liberalization of persons, services and capital and the EC external relations as well are discussed in this chapter, but its main part refers to the economic policy of the Community and its coordination with the policies of the member countries.