What is Meant by the Bretton Woods Agreement?
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Answer:
The Bretton Woods Agreement established a system through which a fixed currency exchange rate could be created using gold as the universal standard. The agreement involved representatives from 44 nations and brought about the creation of the International Monetary Fund (IMF) and the World Bank.
Explanation:
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Answer -
The 'Bretton Woods' Agreement took place in July 1944 at Bretton Woods in New Hampshire, USA. to preserve global economic stability and full employment in the industrial world, 'International Monetary Fund (IMF)' and the World Bank were established. They mainly dealt with the deb.ts of member nations and external surplus, and also financed the post-war reconstructions.
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