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Bretton Woods at 75
The 1944 Bretton Woods conference established a multilateral framework for global cooperation on macroeconomic stability, trade, and development that has endured – despite inevitable disruptions and adjustments – for 75 years. We should celebrate and praise these achievements. And, although this system of global economic governance is now under serious strain, the Bretton Woods institutions, together with more recently established international and regional forums, will still have a meaningful long-term role to play. At the macro level, Bretton Woods was based on fixed but adjustable exchange rates, and relied on ... (full story)