South America ranks fourth in area (after Asia, Africa, and North America) and fifth in population (after Asia, Africa, Europe, and North America). Brazil<span> is by far the most populous South American country, with more than half of the continent's population, followed by Colombia, </span>Argentina<span>, Venezuela and </span>Peru<span>.
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The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained its external exchange rates within 1 percent by tying its currency to gold and the ability of the International Monetary Fund (IMF) to bridge temporary imbalances of payments.
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