It is important to note that the implementation of many contents of the agreement was anchored by the IMF, if it did not exist, the agreement would not have seen the light of day. The Bretton Woods rules, set out in the treaty articles of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), provide for a system of fixed exchange rates. The rules also aimed to promote an open system by requiring members to convert their respective currencies into other currencies and to free trade. The Bretton Woods Agreement was created in 1944 at a conference of all allied nations of World War II. It took place in Bretton Woods, New Hampshire. 730 delegates from the 44 Allied nations were preparing to rebuild the international economic system while World War II was still raging, and gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, USA, for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference. Delegates debated from 1 to 22 July 1944 and signed the Bretton Woods Agreement on its final day. The creation of a system of rules, institutions, and procedures for regulating the international monetary system created the IMF and the International Bank for Reconstruction and Development (IBRD), now part of the World Bank Group. The United States, which controlled two-thirds of the world`s gold, insisted that the Bretton Woods system be based on both gold and the U.S. dollar. Soviet representatives attended the conference, but later refused to ratify the final agreements and lamented that the institutions they created were “branches of Wall Street.”  These organizations began their work in 1945, after a sufficient number of countries had ratified the agreement. The agreement could not promote discipline from the Federal Reserve or the U.S. government.
The Federal Reserve was worried about a rise in the domestic unemployment rate due to the depreciation of the dollar. In an attempt to undermine the efforts of the Smithsonian agreement, the Federal Reserve lowered interest rates in order to pursue a predefined domestic policy goal of full domestic employment. With Smithsonian`s agreement, member countries expected dollars to return to the United States, but lower interest rates inside the United States led dollars to continue flowing from the United States to foreign central banks. The entry of dollars into foreign banks continued the process of monetizing the dollar abroad and thwarted the goals of the Smithsonian agreement. As a result, the price of the dollar on the free gold market continued to put pressure on its official price; Shortly after the announcement of a 10% devaluation in February 1973, Japan and the EEC countries decided to let their currencies float freely. This turned out to be the beginning of the collapse of the Bretton Woods system. The end of Bretton Woods was formally ratified by the Jamaican Agreement in 1976. In the early 1980s, all industrialized countries used variable currencies.   About 730 delegates from 44 countries met at Bretton Woods in July 1944 with the main purpose of establishing an efficient exchange rate system, avoiding competitive currency devaluation, and fostering international economic growth. The Bretton Woods agreement and the Bretton Woods system have been essential to these objectives. The Bretton Woods agreement also created two important organizations: the International Monetary Fund (IMF) and the World Bank.
While the Bretton Woods system was dismantled in the 1970s, both the IMF and the World Bank remained strong pillars for international currency exchange. The main and main objective of the agreement was the introduction of a monetary system that was not as rigid as the gold standard, but as stable as the gold standard. . . .