The Bretton Woods rules, set out in the articles of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), provide for a fixed exchange rate system. The rules also aimed to promote an open system by requiring members to convert their respective currencies into other currencies and to make free trade. The main objective of the conference was to reach an agreement on the IMF. There was sufficient consensus that the conference could also reach agreement on the IRD. To do so, the conference had to be extended from July 19, 1944 to July 22. All right. It`s going to be a little complicated, but after a short break, we`re going to immerse ourselves in diving. As the Bretton Woods agreement tried to address it. How this system remained in place for a few decades, but then it disintegrated and disintegrated. We will continue to do so after a short break and we will take more of your comments than you can email us to an organization NHPR, Facebook or Twitter and NHPR use our exchanges. We`ll be right back. As part of the final act, the IMF agreement was the most important part of the conference and the subsequent functioning of the world economy. Its main features were: there was a high degree of convergence between powerful nations that the inability to coordinate exchange rates during the interwar period had exacerbated political tensions.
This facilitated the decisions of the Bretton Woods conference. In addition, all the Bretton Woods governments agreed that the monetary chaos of the interwar period had brought some valuable lessons. Call: Welcome. Thank you very much. I also have a question for the teachers. Do you seem that this agreement has really had a significant positive effect on you? No good deal. Because it seems that so many other things, like the terror of different countries, still manipulate their currency as they wish, for their own benefit. And if it had not been for lingering concerns, the meetings continued to focus on those that have been concentrated over the years, and that kind of thing would not have had much effect. My second question is that I think the World Bank was also created, and I have heard that there are many negative projects that have been financed by this negative on the country`s economy. And I wonder if you think it has had a positive, neutral or negative effect over time. The Bretton Woods conference recommended that participating governments agree on reducing barriers to international trade.
 The recommendation was then translated into the International Trade Organization(ITO) proposal for the establishment of rules and rules governing international trade. The ITO would have completed the IMF and IBRD. The ITO Charter was adopted at the UN Conference on Trade and Employment (March 1948 in Havana, Cuba), but the Charter was not ratified by the U.S. Senate. As a result, the ITO was never created. In its place, the less ambitious General Agreement on Tariffs and Trade (GATT) was adopted. However, in 1995, the Uruguay Round GATT negotiations established the World Trade Organization (WTO) as a replacement body for the GATT. The GATT principles and agreements were adopted by the WTO, which was responsible for management and enlargement. Laura Knoy: It`s the exchange I`m Laura Knoy. Tomorrow, in exchange. The editor-in-chief of National Public Radio records your questions, so email them before the show to exchange them on an NHPR.