The Bretton Woods Agreement

The Bretton Woods agreement was created in a 1944 conference of all of the World War II Allied
nations. It took place in Bretton Woods, New Hampshire.

The 1944 Bretton Woods agreement established a new global monetary system. It replaced the gold
standard with the U.S. dollar as the global currency. By so doing, it established America as the dominant
power in the world economy. After the agreement was signed, America was the only country with the
ability to print dollars.The purpose of the Bretton Woods meeting was to set up a new system of rules,
regulations, and procedures for the major economies of the world to ensure their economic stability.

The agreement created the World Bank and the International Monetary Fund. These U.S.-backed
organizations would monitor the new system.

The IMF's primary aim was to:

 foster global monetary cooperation,

 achieve greater financial stability,
 facilitate international trade,
 reduce unemployment and poverty
 promote sustainable economic growth.

The World Bank has a similar mission, concentrating its efforts on:

 eliminating extreme poverty and

 promoting means of sharing prosperity

Global Integration