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Bretton Woods Conference (view source)

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The '''Bretton Woods Conference''' established in 1944 the [[gold]] standard upon which the leading [[economic]] nations, and particularly the [[United States]], would base their financial relations and monetary systems. 44 Allied nations sent delegates to the Mount Washington Hotel in Bretton Woods, New Hampshire, under the auspices of the [[United Nations]], to discuss and sign the Bretton Woods Agreements in July 1944. These agreements established the [[International Monetary Fund]] (IMF), which still exists, and the International Bank for Reconstruction and Development (IBRD), which is now part of the [[World Bank]] Group.

The essential agreement was to establish a [[gold]] standard for the world's leading currencies. Each industrialized nation would adopt a monetary policy to maintain the exchange rate of its currency within a fixed value relative to [[gold]], plus or minus one percent. The role of the IMF was to handle temporary imbalances of payments between nations.

When the United States left its [[gold]] monetary standard in 1971 by ending the convertibility from dollars to [[gold]], the system collapsed.
[[category:economics]]
[[category:government]]
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