Place in New Hampshire (USA), where in July 1944 the 44 founding members of the United Nations held a monetary and financial conference.
On 22nd July they resolved to establish an international monetary system of fixed exchange rates for the period after the Second World War (the so-called Bretton Woods system).
The USA undertook to convert its currency into gold at any time. The agreements reached in Bretton Woods also included setting up the International Monetary Fund (IMF) and the World Bank.
With the exception of the countries within the communist sphere of control, most states joined the Bretton Woods system. This ended in 1973, when the USA announced it was terminating the gold convertibility of its currency, and the exchange rates were liberalized.
