CEVAP:

In July 1944, representatives of 44 countries came together at Bretton Woods in New Hampshire under the American leadership. The conference sought to build a framework for international economic cooperation in order to avoid a recurrence of the past mistakes that had contributed to the Great Depression of the 1930s. The Allied powers were aware that there was a close association between the global trade structure and the international monetary policy. Memories of the Great Depression were still fresh; it was clear that the competitive and uncoordinated currency devaluations had deteriorated the world trade volume duing the interwar years (Grieco et al., 2015). There was a need for a more stable system of exchange rates.