An agreement signed in 1944 at Bretton Woods, New Hampshire, USA, to effect a post-war international monetary system. This was the origin of 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 In 1971 the dollar ceased to be convertible into gold and the Bretton Woods system exchange rate system was superseded by floating currencies.
► See also IMF and World Bank.
Financial and business terms. 2012.