Bretton Woods
Bretton WoodsThe venue of a conference held in 1944 to discuss the new international monetary arrangements to be set up after the Second World War. This led to the creation of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD or World Bank).
Shorthand for the international monetary system resulting from the conference. This involved pegged exchange rates, to be altered only in the event of fundamental disequilibrium. The Bretton Woods system lasted until 1971, when it gave way to a system of floating exchange rates.
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