Лекция: ECOSOC and the three sisters

13. Under the UN's mandate, the Economic and Social Council (ECOSOC) «coordinates the economic and social work of the United Nations and the UN family of organizations» and therefore «plays a key role in fostering international cooperation for development.» That sounds logical. The SC was charged with weighty issues of military security and ECOSOC was to deal with the related questions of economic security.

14. In truth ECOSOC is a relatively powerless part of the UN structure. In fact, the true global economic power within the UN family lies with the so-called three sisters: the World Bank, the International Monetary Fund (IMF), and the World Trade Organization (WTO). Each has its own specific remit. Based in Washington, the World Bank, originally known as the International Bank for Reconstruction and Development, is a multilateral institution that lends money to governments and government agencies for development projects. The IMF, also located in Washington, lends money to governments to help stabilize currencies and maintain order in international financial markets. The WTO, headquartered in Geneva, was founded in 1995 to replace the General Agreement on Tariffs and Trade (GATT). Its general goal is to lower tariffs and other trade barriers.