What is 'Bretton woods agreement'?
Describe it's impact on the world ?
Answers
The Bretton Woods Agreement, negotiated in July 1944, established a new international monetary system. It was developed by delegates from 44 countries at the United Nations Monetary and Financial Conference held that month in Bretton Woods, N.H. Under the agreement, other currencies were pegged to the value of the U.S. dollar, which, in turn, was pegged to the price of gold. The Bretton Woods system effectively came to an end in the early 1970s, when President Richard M. Nixon announced that the U.S. would no longer exchange gold for U.S. currency
Explanation:
1) in July 1944 a confrence in United Nation monetary and financial conference at Bretton woods in new Hampshire ,USA .
2) The Bretton woods conference established International Monetary Fund Deal : External surplus and deflicits of its members.
3) The international bank for reconstruction was set up also known as World bank deal : to finance post war reconstruction .
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