Question

What w as the Bretton Woods System?

Answer 1

Explanation:

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1. The Bretton Woods system was the first system used to control the value of money between different countries. It meant that each country had to have a monetary policy that kept the exchange rate of its currency within a fixed value—plus or minus one percent—in terms of gold.
2. The planners at Bretton Woods set up a system of rules, institutions, and procedures to regulate the international monetary system. They started the International Bank for Reconstruction and Development (IBRD) (now one of five institutions in the World Bank Group) and the International Monetary Fund (IMF). These organizations became active in 1946 after enough countries had ratified the agreement.