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

ECONOMIST: Fritz Leutwiler

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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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

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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