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An agreement signed in 1944 at Bretton Woods, New Hampshire, USA, to create a post-war international monetary system which also established the International Monetary Fund (IMF) and the World Bank. The system was based on fixed exchange rates combined with temporary financing facilities to overcome crises. In 1971 the dollar ceased to be convertible into gold and the Bretton Woods exchange rate system was superseded by floating currencies.
See also: G10