What was the significance of the Bretton-Woods Conference in 1944?

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The Bretton Woods Conference, officially known as the United Nations Monetary and Financial Conference, was held in July 1944 and led to the establishment of both the World Bank and the International Monetary Fund (IMF). It also established a system of fixed exchange rates where currencies were pegged to the U.S. dollar, which itself was convertible to gold, thus creating a stable environment for international trade and economic recovery post-World War II.

What Was the Significance of the Bretton-Woods Conference in 1944