The Bretton Woods system established in 1944 changed the international monetary system by replacing the gold standard with the U.S. dollar as the international currency. To control the new arrangement, the World Bank and the International Monetary Fund, were created.
Explanation:
Despite the system collapsing in 1973, leaving to each country the decision on about their currency as long as pegging its value to the price of gold is not an option, the institutions created are still today a fundamental element in economic international relationships.
