What was one result of the Bretton Woods system? A. Many countries decided that only gold could be used as currency. B. Many countries up gave their own currency in favor of the U.S. dollar. C. Many countries adopted the gold standard for the first time. D. Many countries fixed the value of their currency to the U.S. dollar.

The Bretton Woods agreement of 1944 settled a new international monetary system. It replaced the gold standard with the U.S. dollar as the global currency. By so doing, it established America as the dominant power in the world economy. After that the agreement was signed, America was the only country with the ability to print dollars.

Why the Agreement of Bretton Woods System Was Needed?

Until World War I, most countries were on the gold standard. However, they cut the tie to gold so they could print the currency needed to pay for their war costs. This inflow of currency caused hyperinflation, as the supply of money overwhelmed the demand. After the war, countries returned to the safety of the gold standard. A member country still retained the ability to alter its currency's value, if needed, to correct a "fundamental disequilibrium" in its current account balance, the Federal Reserve noted .

What is currency?

"A currency is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general definition is that a currency is a system of money in common use within a specific environment over time, especially for people in a nation state."

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