What is meant by Bretton Woods Agreement?

The Bretton Woods Conference was held in July of 1944 at Bretton Woods in New Hampshire, USA. Under this system, the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), popularly known as the World Bank were established to preserve global economic stability and full employment in the industrialised world.
The IMF and the World Bank are referred to as the Bretton Woods Institutions or Bretton Woods twins.

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