The Bretton Woods Conference, held in July 1944, is widely regarded as a pivotal moment in the history of global finance. Delegates from 44 Allied nations gathered in Bretton Woods, New Hampshire, to establish a new international monetary system in the aftermath of World War II. The conference aimed to promote economic stability and prevent the kind of financial turmoil that had contributed to the Great Depression and global conflict.

One of the key outcomes of the conference was the creation of two major international financial institutions: the International Monetary Fund (IMF) and the World Bank. The IMF was designed to provide short-term financial assistance to countries experiencing balance-of-payments problems, while the World Bank focused on long-term development and reconstruction projects.Another significant achievement was the establishment of a fixed exchange rate system, where currencies were pegged to the U.S. dollar, which was convertible to gold. This system fostered stability and predictability in international trade and investment, encouraging economic growth and cooperation among nations.The Bretton Woods Conference laid the groundwork for the modern era of globalization in finance by creating institutions and frameworks that facilitated international economic collaboration, trade, and investment. Its legacy continues to shape the global financial system today.