1 июл 1944 г. - Bretton Woods Agreement

Описание:

What was it? In July 1944, representatives of 44 countries met in the small New Hampshire town of Bretton Woods for a conference sponsored by the newly founded United Nations. The war was not over but the delegates were already trying to figure out how they could prevent the kind of economic turmoil that could lead to another world war
What did it create?
- The World Bank
- The international Monetary Fund
- it eventually led to the creation of the General Agreement on Tariffs and Trade
- In order to convert currencies, countries settled their international balances in dollars, while U.S. dollars were fully convertible to gold.
-An overvaluation of the U.S. dollar led to concerns over the exchange rates and their tie to the price of gold.
- President Richard Nixon called for a temporary suspension of the dollar’s convertibility.
- Countries were then free to choose any exchange agreement, except the price of gold.
- In 1973, foreign governments let currencies float, which put an end to the Bretton Woods system.