The Bretton Woods System aimed to create a stable international monetary system by fixing the exchange rates of currencies to the U.S. dollar, which was pegged to gold.

The World Bank and the International Monetary Fund were established to provide financial assistance to countries and to promote economic stability.

The U.S. dollar was the reserve currency of the Bretton Woods System, meaning that central banks held U.S. dollars as part of their foreign exchange reserves.

The Bretton Woods System used a system of fixed exchange rates, where the value of each currency was fixed in relation to the U.S. dollar.

Gold was used to back the U.S. dollar, meaning that the U.S. government promised to exchange gold for U.S. dollars at a fixed rate.

The Bretton Woods System is credited with promoting economic growth and stability in the post-World War II era.

The Bretton Woods System collapsed in 1971 when the U.S. government suspended the convertibility of the U.S. dollar to gold.

The U.S. trade deficit led to a loss of confidence in the U.S. dollar and ultimately to the collapse of the Bretton Woods System.

The Jamaica Agreement replaced the Bretton Woods System and established a system of floating exchange rates.

The Jamaica Agreement established a system of floating exchange rates, where the value of currencies is determined by market forces.

A floating exchange rate system has several advantages, including allowing countries to pursue independent monetary policies, helping to stabilize the economy during economic shocks, and promoting economic growth and stability.

A floating exchange rate system has several disadvantages, including that it can lead to currency volatility, make it difficult for businesses to plan for the future, and discourage foreign investment.

The current international monetary system is a hybrid system that combines elements of both the Bretton Woods System and the Jamaica Agreement.

The current international monetary system faces a number of challenges, including currency volatility, global imbalances, and the rise of cryptocurrencies.

There are a number of possible reforms to the current international monetary system, including a global central bank, a new reserve currency, and a global tax on financial transactions.