Delegates from 44 countries met in the United States, in Bretton Woods, New Hampshire in July 1944. The main goals were to ensure a foreign exchange rate system, prevent competitive devaluation, encourage international trade, and eventually promote economic growth. With the intention of realizing these goals, the Bretton Woods Agreement was signed on July 22, 1948, whereby the so-called Bretton Woods system came into being. In 1958, the Bretton Woods system became fully functional, as national currencies became convertible.