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. The delegates deliberated upon and signed the Bretton Woods Agreements during the first three weeks of July 1944.The chief features of the Bretton Woods system were an obligation for each country to adopt a monetary policy that maintained the exchange rate of its currency within a fixed value—plus or minus one percent—in terms of gold and the ability of the IMF to bridge temporary imbalances of payments.Preparing to rebuild the international economic system as World War II was still raging, 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, United States, for the United Nations Monetary and Financial Conference. The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states. In the face of increasing strain, the system collapsed in 1971, following the United States' suspension of convertibility from dollars to gold. The Bretton Woods system was the first example of a fully negotiated monetary order intended to govern monetary relations among independent nation-states. These organizations became operational in 1945 after a sufficient number of countries had ratified the agreement. This created the unique situation whereby the United States Dollar became the "reserve currency" for the Nations who signed.Setting up a system of
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