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What is the Bretton Woods Agreement? Let's talk about it in 60 seconds. You can read a detailed description under the video.

The Bretton Woods Agreement is a system of monetary relations that put the US dollar in place of a single measure of international currency settlements and storage of reserves.
In July 1944, in the American city of Bretton Woods, the UN Monetary and Financial Conference - a three-week meeting of delegates from 44 member countries of the anti-Hitler coalition - was held. It resulted in the signing of agreements, which were called the Bretton Woods agreements.

The main result of the agreements was the decision that only one currency will be pegged to gold, as a certain standard, and it will be used in the calculations by all participating countries. The official rate was: 35 USD per troy ounce of gold.

The agreement had three main goals:
1. Creation of a balance in the international currency exchange system.
2. Restoration of international free trade.
3. Establishment of state reserves that could be used to overcome economic crises.
The end of the Bretton Woods agreements came in 1976, when the Jamaican currency system was adopted, which is still relevant today. Exchange rates floated and were no longer pegged to gold.

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