Bretton Woods system: It was the first system used to control the value of money between different countries. . The Bretton Woods Agreement established a system through which a fixed currency exchange rate could be created using gold as the universal standard.
The agreement involved representatives from 44 nations and brought about the creation of the International Monetary Fund (IMF) and the World Bank.
The fixed currency exchange rate system eventually failed; however, it provided much-needed stability at the time of its creation.
