The gold standard`s support of money became a serious problem in the late 1960s. In 1971, the problem was so serious that U.S. President Richard Nixon said the possibility of turning the dollar into gold was suspended “temporarily.” The step was inevitably the last straw for the system and the agreement he sketched. However, the agreement brought together 44 nations from around the world on a larger scale and brought them together to resolve a growing global financial crisis. It has helped strengthen the global economy as a whole and maximized the benefits of international trade. 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. The ITO would have complemented the IMF and ibrd. The ITO Charter was adopted at the United Nations Conference on Trade and Employment (Havana, Cuba in March 1948), but the Charter was not ratified by the US Senate. As a result, the ITO never saw the light of day.
It has been replaced by the General Agreement on Tariffs and Trade (GATT), which is less ambitious. However, in 1995, as part of the Uruguay Round of GATT negotiations, the World Trade Organization (WTO) was created to replace GATT. The principles and agreements of GATT have been taken up by the WTO, which is responsible for their management and extension. The United States launched the European Economic Recovery Plan (Marshall Plan) to provide significant financial and economic assistance for the reconstruction of Europe, mainly through grants, not loans. Countries that are part of the Soviet bloc, for example. B Poland, were invited to receive the subsidies, but obtained a favourable agreement with the COMECON of the Soviet Union.  In a speech at Harvard University on June 5, 1947, U.S. Secretary of State George Marshall stated that, in the Final Act, the most important part in the eyes of the conference participants and for the subsequent functioning of the world economy was the IMF agreement. Its main characteristics were: a devastated Britain had little choice.
Two world wars had destroyed the country`s main industries, which paid to import half of the country`s food and almost all its raw materials except coal. The British had no choice but to ask for help. It was not until the United States signed an agreement on December 6, 1945, to provide $4.4 billion in aid to Britain that the British Parliament ratified the Bretton Woods Agreements (which was done later in December 1945).  Despite its name, the World Bank was not (and is) not the Central Bank of the World. . . .