Under the Bretton Woods System each participating country had to:

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Under the Bretton Woods System, each country had to stand ready to exchange its own currency for U.S. dollars at a fixed exchange rate. This was to ensure stability and predictability in international trade and investment. The U.S. dollar was the anchor currency, and other currencies were pegged to it at a fixed rate. However, this system had its limitations and ultimately collapsed in the early 1970s.

Under the Bretton Woods System Each Participating Country Had To