In the wake of the 2008 global financial crisis, some policymakers such as Chace and others called for a new international monetary system, including some at Bretton Woods II. On the other hand, this crisis has reignited the debate around Bretton Woods II. [Notes 5] The Bretton Woods Agreement of 1944 introduced a new global monetary system. It replaced the gold standard with the U.S. dollar as the global currency. It thus established America as a dominant power in the global economy. After the agreement was signed, America was the only country with the ability to print dollars. The system was dependent and was widely used until the early 1970s. There is no provision in the agreement for the establishment of international reserves. It expected that a new gold production would suffice.
In the event of a structural imbalance, it expected national solutions, such as adjusting monetary value or improving a country`s competitive position by other means. However, the IMF had few resources to promote such national solutions. The political basis of the Bretton Woods system was the combination of two key conditions: the common experience of two world wars and the feeling that the absence of economic problems after the first war had led to the second; and the concentration of power in a small number of states. As part of the agreement, countries promised that their central banks would maintain fixed exchange rates between their currencies and the dollar. If a country`s monetary value became too low against the dollar, the bank would buy its currency back on the foreign exchange markets. The agreement was reached by 730 delegates representing the 44 allied nations who participated in the summit. Delegates, as part of the agreement, use gold standard gold In the simplest terms, the gold standard uses a system to understand the value of the currency, and this means that a currency is compared to how much it is worth in gold and at what price it can be exchanged for gold. to establish a fixed exchange rate. It was expected that these exchange rate changes would be quite rare. However, the notion of fundamental imbalance, while essential to the functioning of the nominal value system, has never been defined in detail.
On 26 September 2008, French President Nicolas Sarkozy said: “We need to rethink the financial system from top to bottom, as in the case of Bretton Woods.”  The Bretton Woods rules, set out in the articles of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), provide for a fixed exchange rate system. The rules also aimed to promote an open system by requiring members to convert their respective currencies into other currencies and to make free trade. During the Bretton Woods era, the global economy grew rapidly. Keynesian economic policy has allowed governments to mitigate economic fluctuations and recessions have been generally weak. However, tensions began to manifest in the 1960s.