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Bretten woods settlement

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Bretten woods settlement

    • Posted by Chirayu Parashar 6 years, 8 months ago

    CBSE > Class 10 > Social Science
    • 1 answers

    Yogita Ingle 6 years, 8 months ago

    • The International Bank for Reconstruction and Development was set up to finance post-war reconstruction. This is popularly known as the World Bank. The IMF and World Bank are often referred to as Bretton Woods Institutions. The post-war economic system is also referred to as the Bretton Woods System.
    • The IMF and World Bank began their operations in 1947. Western industrial powers controlled the decision-making in these institutions. The US had an effective veto right over key decisions made by these institutions.
    • The Bretton Woods System was based on fixed exchange rate for currencies. The dollar was anchored to gold at a fixed price of $35 per ounce of gold. Other currencies were linked to dollar at fixed rates.

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