Although the organizations proposed by Keynes and White were similar in size, philosophy and function, they differed. From 1942 to the spring of 1944, numerous bilateral and multilateral meetings of Allied financial experts were held to agree on a common approach. Finally, on 21 April 1944, Allied leaders issued a “joint statement of experts on the creation of an International Monetary Fund.” This statement served as the basis for the Bretton Woods negotiations. After a pre-conference in Atlantic City in mid-June 1944, the Bretton Woods Conference was held on July 1, 1944. Three weeks later, delegates signed the final act of the UN Financial and Monetary Conference, which contained charters that set out the objectives and mechanisms of the IMF and THE IBRD. The Bretton Woods Agreement was concluded in 1944 at a summit in New Hampshire, USA, on a website of the same name. The agreement was reached by 730 delegates representing the 44 allied nations who participated in the summit. Delegates, as part of the agreement, use gold standard gold In the simplest terms, the gold standard uses a system to understand the value of the currency, and this means that a currency is compared to how much it is worth in gold and at what price it can be exchanged for gold. to establish a fixed exchange rate. The Bretton Woods rules, set out in the articles of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), provide for a fixed exchange rate system. The rules also aimed to promote an open system by requiring members to convert their respective currencies into other currencies and to make free trade.
About 730 delegates from 44 countries met in Bretton Woods in July 1944 with the main objective of creating an effective exchange rate system, preventing competitive currency devaluations and promoting international economic growth. The Bretton Woods agreement and system have been at the heart of these objectives. The Bretton Woods Agreement also created two important organizations: the International Monetary Fund (IMF) and the World Bank. While the Bretton Woods system was dismantled in the 1970s, the IMF and the World Bank remained strong pillars for international currency exchange. The agreement created the World Bank and the International Monetary Fund (IMF), U.S.-backed organizations, to oversee the new system. 730 delegates from the 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, USA, for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference.