1.1. What are potential long-run costs of being a large debtor nation? The International Monetary Fund (IMF) was created in 1944 as part of the Bretton Woods conference described in the appendix to this chapter. Its principal purpose is to promote the stability of the international monetary system. As part of its mandate, the IMF collects data on trade and finances across the world. Christine Lagarde has run the IMF since 2011.