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Matagalpa Travel on UNIVERSITY OF GEORGIA Bretton Woods THE BRETTON WOODS SYSTEM refers to the international monetary agreement negotiated in Bretton Woods, New Hampshire in July 1944. The agreement implemented an international fixed-exchange rate system tying the U.S. dollar to gold and, other currencies to the DOLLAR. This system functioned until March 1973, when it was replaced with a system of floating exchange rates for the major industrialized nations. The Bretton Woods agreement also established the INTERNATIONAL MONETARY FUND (IMF) and the WORLD BANK, two important financial institutions that continue to operate despite the demise of the exchange-rate system adopted at Bretton Woods. The international GOLD STANDARD (1870–1914) fostered price stability and provided a mechanism to prevent nations from running chronic trade imbalances. Matagalpa Travel 2016.