At this time the system of fixed currency rates established under the Bretton Woods agreement of 1944 was in disarray.

ECONOMIST: Fritz Leutwiler

Some leaders have urged the meeting to begin the process of launching a new global agreement to stimulate prosperity, similar to the Bretton Woods agreement in 1944 that created the post-war system of fixed exchange rates and established the IMF and the World Bank.

BBC: Q&A: The G20 summit

This guarantee was made by the Gold Reserve Act of 1934, and reaffirmed under the 1944 Bretton Woods agreement for the post World War II international monetary system.

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As a foundation for this new world order, Mr Priestland is hoping for a new Bretton Woods-style agreement one that would regulate international capital movements and thus tame the power of the bond markets.

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