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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.
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.
==Petrodollar==
When the United States left its [[gold]] monetary standard in 1971 by ending the convertibility from dollars to [[gold]], the U.S. sold dollars needed for international transactions by issuing Treasury debt, which is a universally fungible international medium of exchange.
[[Category:Finance]]
[[Category:Finance]]