The main objective of the conference was to reach an agreement on the IMF. There was sufficient consensus that the conference could also reach agreement on the IRD. To do so, the conference had to be extended from July 19, 1944 to July 22. The Bretton Woods system is a series of uniform rules and guidelines that have provided the framework for the creation of fixed international exchange rates. Essentially, the agreement called on the new IMF to set the fixed exchange rate for currencies around the world. Each country represented assumed responsibility for maintaining the exchange rate, with incredibly narrow margins above and below. Countries struggling to stay within the fixed exchange rate window could ask the IMF for an adjustment in interest rates for which all allied countries would then be responsible. 730 delegates from the 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, USA, for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference. Delegates deliberated from July 1 to 22, 1944 and signed the Bretton Woods Agreement on the last day. Through the establishment of a system of rules, institutions and procedures for regulating the international monetary system, these agreements created the IMF and the International Bank for Reconstruction and Development (IBRD), now part of the World Bank Group. The United States, which controlled two-thirds of the world`s gold, insisted that the Bretton Woods system was based on both gold and the U.S.
dollar. Soviet representatives attended the conference, but then refused to ratify the final agreements and claimed that the institutions they had created were “branches of Wall Street.”  These organizations were commissioned in 1945 after the agreement was ratified by a sufficient number of countries. In order to promote long-term adjustment, the United States has encouraged the competitiveness of European and Japanese trade. The policy of economic control of the former defeated Axis powers has been abolished. Aid to Europe and Japan has been geared towards rebuilding productivity and export capacity. In the long term, such a recovery in Europe and Japan was expected to benefit the United States by expanding U.S. export markets and providing sites for U.S. capital expansion. The Bretton Woods Agreement was launched in 1944 at a conference of all allied nations of the Second World War. It took place in Bretton Woods, New Hampshire. Despite the disintegration, the Bretton Woods Summit and the agreement are responsible for a number of particularly important aspects in the financial world. First, the creation of the IMF and the World Bank.
To date, these two institutions are of paramount importance to the global economy.