Saved Bookmarks
| 1. |
Bretten woods settlement |
| Answer» \tThe International Bank for Reconstruction and Development was set up to finance post-war reconstruction. This is popularly known as the World Bank. The IMF and World Bank are often referred to as Bretton Woods Institutions. The post-war economic system is also referred to as the Bretton Woods System.\tThe IMF and World Bank began their operations in 1947. Western industrial powers controlled the decision-making in these institutions. The US had an effective veto right over key decisions made by these institutions.\tThe Bretton Woods System was based on fixed exchange rate for currencies. The dollar was anchored to gold at a fixed price of $35 per ounce of gold. Other currencies were linked to dollar at fixed rates. | |