Defined the post-war international monetary system, fostering global economic growth but creating rigidities over time.
Significance
- Limited national autonomy in monetary policy but promoted international trade and financial stability.
- Established fixed exchange rates for major currencies, pegged to the US dollar, which was convertible to gold at $35 per ounce.
- Established US Dollar as the world Reserve Currency
- Established the International Monetary Fund (IMF)
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