What were the distinctive features of Brettan Woods System.

Question

30 Oct 2021

Answer :

Word Count : 413

In the year 1944, Bretton Wood’s system of monetary management established IMF and World Bank. This encouraged commercial and financial relations among the world’s major industrial states.

The Bretton Woods system was the first example of a completely negotiated monetary order formed to govern monetary relations among independent nation states. Under the Bretton Woods system each country had an obligation to adopt a monetary policy that maintained the exchange rate of its currency at a fixed rate (plus or minus one percent) in terms of gold. Also, under this agreement, US dollar became the standard measurement for new monetary system.

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