The major world powers met in Bretton Woods, New Hampshire in 1944 to organize an international monetary system that would alleviate foreign-exchange problems created by World War II. The result was the Bretton Woods Agreement, the first global monetary constitution. The World Bank and International Monetary Fund (IMF) were established there. The participating nations agreed to tie the values of their currencies to the value of the U.S. dollar.
« Back to Glossary IndexBy: Arman Abdul Rahman
