The World Trade Organization (WTO) deals with world trade law and policies. Together with the institutions of Bretton Woods, it plays a pivotal role in the steering of the world economy. These organizations constitute the international institutional and legal basis of the World’s economy. As an organization, the WTO was established in 1994. It provides the common institutional framework to discuss and develop global trade policies and to establish a common normative framework. Its agreements form the legal basis and are a quasi-constitution of international trade. The institutions of Bretton Woods consist of the International Monetary Fund (IMF) and the World Bank Group. These institutions have somewhat complementary purposes. The IMF’s purpose is to ensure the stability of the international monetary system, to help states with balance of payment problems and to assist them by making available financial resources to overcome an economic crises. The World Bank Group’s focus is on economic development and investments, in particular in developing countries.