Despite its name, the World Bank was not (and is) not the central bank of the world. At the time of the Bretton Woods Agreement, the World Bank was created to lend to European countries devastated by the Second World War. The World Bank`s focus has changed by lending money for economic development projects in emerging countries. 730 delegates from the 44 Allied United Nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, USA, for the United Nations Monetary and Financial Conference to prepare for the reconstruction of the international economic system while World War II was still raging. also known as the Bretton Woods Conference. Delegates debated from 1 to 22 July 1944 and signed the Bretton Woods Agreement on its final day. The creation of a system of rules, institutions, and procedures for regulating the international monetary system 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 be based on both gold and the U.S. dollar. Soviet representatives attended the conference, but later refused to ratify the final agreements and lamented that the institutions they created were “branches of Wall Street.”  These organizations began their work in 1945, after a sufficient number of countries had ratified the agreement.
The Bretton Woods Agreement was reached in 1944 at a summit in New Hampshire, USA, at a place of the same name. The agreement was reached by 730 delegates representing the 44 allied nations that attended the summit. As part of the agreement, delegates used the gold standard In the simplest terms, the gold standard is a system used to understand the value of the currency, and this means that a currency is compared to the value it is worth in gold and at what price it can be exchanged for gold. to establish a fixed exchange rate. The Bretton Woods Agreement of 1944 established a new global monetary system. It replaced the gold standard with the US dollar as the world currency. In this way, it established America as a dominant power in the global economy. After the agreement was signed, America was the only country capable of printing dollars. Sistem Bretton Woods (1944–1976) (bahasa Inggris: Bretton Woods System) adalah sebuah sistem perekonomian dunia yang dihasilkan yang konferensi yang diselenggarakan di Bretton Woods, New Hampshire pada tahun 1944. The conference is a product of cooperation between the United States and the United Kingdom, which has several key features that have given rise to three global financial institutions, namely the International Monetary Fund, the World Bank and the World Trade Organization. .