jul 17, 1944 - Bretton Woods Agreement

Description:

The Bretton Woods Agreement created a monetary system of fixed exchange rates tied to the US dollar, which was backed to gold until 1970.

The International Monetary Fund (IMF) and the World Bank, was created during the agreement. The IMF is tasked with overseeing the fixed exchange rate system, providing short-term financial assistance to countries facing balance of payments problems, and promoting international monetary cooperation. The World Bank, on the other hand, was established to provide long-term loans.