The agreements that were reached at the Bretton Woods conference in 1944 established a system
◦ in which the values of currencies were fixed in terms of a specific number of ounces of gold, which in turn determined their values in international trading.
◦ of floating exchange rates determined by the supply and demand of one nation's currency relative to the currency of other nations.
◦ of essentially fixed exchange rates under which each country agreed to intervene in the foreign exchange market when necessary to maintain the agreed-upon value of its currency.
◦ that prohibited governments from intervening in the foreign exchange markets.