As World War II raged on, delegates from 44 Allied nations gathered at a hotel in Bretton Woods, N. H., to lay out foundations for the reconstruction of the international financial system. The hope was to prevent a repetition of competitive devaluations in the 1930s and to create a stable economic and financial environment for nations to operate in. This resulted in an agreement for countries to fix their exchange rates to the U.S. dollar and the U.S. to peg the dollar to gold.
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