The Bretton Woods Agreement was concluded in 1944 at a summit in New Hampshire, USA, on a website of the same name. The agreement was reached by 730 delegates representing the 44 allied nations who participated in the summit. Delegates, as part of the agreement, use gold standard gold In the simplest terms, the gold standard uses a system to understand the value of the currency, and this means that a currency is compared to how much it is worth in gold and at what price it can be exchanged for gold. to establish a fixed exchange rate. The collapse of the Bretton Woods system between 1971 and 1973 led industrialized countries to adopt a managed variable exchange rate system in general, which is still here. But this result (at least at that time) was not inevitable. As Despres et al. (1966) argued, unlike Triffin, the persistent U.S. balance-of-payments deficit was not a real problem. The rest of the world voluntarily held dollars because of their precious flow of services – the deficit was determined by demand. According to them, the Bretton Woods system could have continued indefinitely. Of course, this was not the case, but although the system of equations ended in 1973, the dollar-free standard is still with us, as McKinnon (1969, 1988, 2014) has long said.
In 1944, at the end of World War II, representatives from 44 countries met at Bretton Woods in the White Mountain National Forest of the United States in New Hampshire. Led by British economist John Maynard Keynes and Harry Dexter White of the U.S. Treasury, they drew up an agreement that hoped it would be the basis for a new financial order. The Bretton Woods system has given rise to strong exchange rates at the international level, as well as at the International Monetary Fund (IMF) and the World Bank. In 1960, Robert Triffin, a Belgian-American economist, noted that holding dollars was more valuable than gold, because constant balance-of-payments deficits in the United States helped maintain the system in liquidity and stimulate economic growth. What was later heralded as Triffin`s dilemma was predicted when Triffin realized that if the U.S. failed to maintain its deficits, lose its liquidity, the system would not be able to keep up with global economic growth and thus shut down the system. But such payment deficits also meant that deficits over time would undermine confidence in the dollar due to the instability of the reserve currency.  The United States has put in place the Marshall Plan to provide significant financial and economic assistance to the reconstruction of Europe, largely through subsidies rather than loans. The member countries of the Soviet bloc, for example.
B Poland, were invited to receive the subsidies, but obtained a favorable agreement with the COMECON of the Soviet Union.  In a speech at Harvard University on June 5, 1947, U.S. Secretary of State George Marshall stated that the system was dissolved between 1968 and 1973. In August 1971, U.S. President Richard Nixon announced the “temporary” suspension of the dollar`s convertibility to gold. While the dollar had struggled in the parity established at Bretton Woods for most of the 1960s, this crisis marked the collapse of the system. An attempt to resurrect fixed exchange rates failed and in March 1973 the major currencies began to float against each other. The Bretton Woods countries have decided not to give the IMF the power of a global central bank.
Instead, they agreed to contribute to a solid pool of national currencies and gold, which would be held by the IMF.