The Bretton Woods Agreement was finalised in ____.

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Detailed Solution

The Bretton Woods Agreement was finalised in 1944.
At Bretton Woods in New Hampshire, the United States completed the Bretton Woods Agreement in July 1944. It created the World Bank and the International Monetary Fund to maintain financial stability worldwide and high employment in the industrialised nations. These organisations also handled the member countries' foreign surpluses and deficits and provided funding for post-war recovery. The countries vowed to keep fixed exchange rates among their national currencies and the dollar under the terms of the agreement. Thus to avoid a second Great Depression and enhance American economic interests, the Bretton Woods system was created. Despite its demise in the 1970s, the Bretton Woods System had a long-lasting impact on global trade and currency exchange through the creation of the IMF and World Bank.

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