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)