What is meant by the Bretton Woods agreement?Why did it come to an end ?
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Bretton Woods Agreement. United Nations Monetary and Financial Conference was held at Bretton Woods in New Hampshire, USA in July 1944. In this conference an agreement was signed, where the members decided to decide on a framework to create an economic system for preserving economic stability and full employment.
While the dollar had struggled throughout most of the 1960s within the parity established at Bretton Woods, this crisis marked the breakdown of the system. An attempt to revive the fixed exchange rates failed, and by March 1973 the major currencies began to float against each other.
While the dollar had struggled throughout most of the 1960s within the parity established at Bretton Woods, this crisis marked the breakdown of the system. An attempt to revive the fixed exchange rates failed, and by March 1973 the major currencies began to float against each other.
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