The Bretton Woods Agreement established the

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The Bretton Woods Agreement established the International Monetary Fund (IMF) which was created to promote international monetary cooperation, exchange rate stability, and to assist in the balanced growth of international trade. The agreement also established a system of fixed exchange rates based on the US dollar, but this was abandoned in the early 1970s. The gold standard was not established by the Bretton Woods Agreement, although it was a feature of the international monetary system prior to World War II. Managed flexible exchange rates were not introduced until after the collapse of the Bretton Woods system. The G-7 was not established by the Bretton Woods Agreement, but rather emerged as an informal group of industrialized countries in the 1970s.

The Bretton Woods Agreement Established the