The IMF has attempted to provide for periodic discontinuous exchange rate adjustments (changes in a member`s nominal value) through an international agreement. Member States were allowed to adjust their exchange rate by 1%. This tended to restore the balance of their trade by increasing their exports and reducing imports. This would only be permissible in the event of a fundamental imbalance. A decrease in the value of a country`s money has been called a devaluation, while an increase in the value of the country`s money has been called a revaluation. The agreement created the World Bank and the International Monetary Fund (IMF), U.S.-backed organizations that would oversee the new system. The Bretton Woods rules, set out in the Articles of Agreement of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), provide for a system of fixed exchange rates. The rules also aimed to promote an open system by requiring members to convert their respective currencies into other currencies and to free trade. The United States launched the European Economic Recovery Plan (Marshall Plan) to provide significant financial and economic assistance for the reconstruction of Europe, mainly through grants, not loans. Countries that are part of the Soviet bloc, for example. B Poland, were invited to receive the subsidies, but obtained a favourable agreement with the COMECON of the Soviet Union.  In a speech at Harvard University on June 5, 1947, U.S. Secretary of State George Marshall stated that the Bretton Woods Agreement was created in 1944 at a conference of all allied nations of World War II.
It took place in Bretton Woods, New Hampshire. In 1944, at the end of World War II, representatives of forty-four countries gathered at Bretton Woods, in the White Mountain National Forest of the United States, in New Hampshire. Led by British economist John Maynard Keynes and Harry Dexter White of the US Treasury, they hammered home a deal they hoped would form the basis of a new global financial order. The “Bretton Woods” system of fixed exchange rates at the international level was born from the conference, as did the International Monetary Fund (IMF) and the World Bank. Post-war global capitalism suffered from a huge shortage of dollars. The U.S. had huge trade surpluses, and U.S. reserves were huge and growing. It was necessary to reverse this river.
Although all nations wanted to buy American exports, the dollars had to leave the United States and be available for international use so that they could do so. In other words, the United States should reverse imbalances in global prosperity by presenting a trade deficit financed by U.S. exits. . . .