Bretton-woods meaning

brĕtən
A resort in the White Mountains of northern New Hampshire. In 1944, it was the site of the conference that designed the Bretton Woods system, an international exchange rate regime that lasted until 1971, and created the World Bank and International Monetary Fund.
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(place) Resort in the White Mountains, N.H.: site of a United Nations monetary conference (1944) at which the International Monetary Fund was established.
proper name
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An agreement struck in the summer of 1944, in which the U.S., the U.K., and their wartime allies set up the rules for the post-World War II monetary system. The meeting set the structure for the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), which in the U.S. is more commonly known as the World Bank. The comprehensive agreement called for the participants to limit the movement of their currencies, which were set against the dollar. The gold standard was maintained and the dollar retained its value of $35 to an ounce of gold. That standard allowed the U.S. to finance its balance of payments deficit by using dollars instead of gold. However, the U.S. also retained the responsibility of converting dollars into gold on demand from foreign central banks. The name Bretton Woods comes from the city in New Hampshire where the wartime allies met.
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