I was lucky; it happens only once every 20 years that a new international financial institution (IFI) is created. The World Bank and International Monetary Fund were established after the Second World War in 1945, unrest in Asia and escalation of the Vietnam War led to the creation of the Asian Development Bank (ADB) in 1966 and the fall of the Soviet Union led to the creation of the European Bank for Reconstruction and Development (EBRD) in 1991.* In 2010, at the verge of the severest financial crisis in 80 years, the European Financial Stability Facility (EFSF) and later the European Stability Mechanism (ESM) were created.
