The International Labour Organization has defined collective bargaining as: ‘Negotiations about working conditions and terms of employment between an employer or group of employers on the one hand and one or more representatives of workers’ organizations on the other.’

The International Monetary Fund (IMF) was established in 1944. Its financial resources stem mainly from quota subscriptions which are assigned to each member according to its relative size in the world economy. A member’s quota also determines its voting power as well as its access to IMF financing.