The Bretton Woods Accords were signed between the world powers in July 1944 at Bretton Woods, New Hampshire, USA. It created the International Monetary Fund (IMF) to deal with external surpluses and deficits in its member states and the International Bank for Reconstruction and Development was created for post-reconstruction financing. 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 established the International Monetary Fund (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 ratification of the agreement by a sufficient number of countries. At this conference, the Bretton Woods Agreement was adopted. As part of this agreement, the IMF and the International Bank for Reconstruction and Development (IBRD) are known as the World Bank. 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. As part of the agreement, countries promised that their central banks would maintain fixed exchange rates between their currencies and the dollar.
. Answer: The Bretton Woods monetary management system defined, in the mid-20th century, the rules governing trade and financial relations between the United States, Canada, Western Europe, Australia and Japan. The Bretton Woods system was the first example of a fully negotiated monetary order designed to govern monetary relations between independent national states.