An agreement in effect from 1945 to 1972, under which exchange rates of the major currencies were fixed, and moved in lockstep. After the agreement collapsed in 1972, currencies began to trade at fluctuating levels.
At the U.N. Monetary and Financial Conference at Bretton Woods, New Hampshire, in 1944, forty-four nations established the International Monetary Fund and the International Bank for Reconstruction and Development (World Bank).
An agreement signed by the original United Nations members in 1944 that established the International Monetary Fund (I.M.F.) and the post-World War II international monetary system of fixed exchange rates.