The Bretton Woods Conference aimed to create a stable international monetary system by establishing a fixed exchange rate system, where the value of currencies was pegged to the US dollar.

The International Monetary Fund (IMF) was established as part of the Bretton Woods system to provide financial assistance to countries facing balance of payments problems and to promote international monetary cooperation.

The US dollar was designated as the primary reserve currency under the Bretton Woods system, meaning that central banks held US dollars as a significant portion of their foreign exchange reserves.

The devaluation of the US dollar in 1971, also known as the Nixon Shock, led to the collapse of the Bretton Woods system as it undermined the fixed exchange rate system.

After the collapse of the Bretton Woods system, most countries adopted a floating exchange rate system, where the value of currencies is determined by market forces.

The primary function of the IMF is to provide financial assistance to countries facing balance of payments problems, helping them to stabilize their economies and promote economic growth.

The World Bank provides loans and grants to developing countries to support their economic development and poverty reduction efforts.

The General Agreement on Tariffs and Trade (GATT) aims to promote free trade and reduce tariffs among its member countries.

Special Drawing Rights (SDRs) are a type of reserve asset created by the IMF that can be used by member countries to supplement their foreign exchange reserves.

The Financial Stability Board (FSB) is an international body that aims to promote financial stability and reduce systemic risk in the global financial system.

Central banks play a crucial role in the international monetary system by setting interest rates, managing the money supply, and implementing monetary policy to achieve economic stability.

The Bank for International Settlements (BIS) is an international organization that facilitates cooperation among central banks and promotes financial stability.

Exchange rate fluctuations can affect the competitiveness of exports and imports, lead to changes in the balance of payments, and cause inflation or deflation.

The international monetary system today faces challenges such as global economic imbalances, currency manipulation, and financial crises.

Recent developments in the international monetary system include the rise of cryptocurrencies, the increasing use of fintech, and the growing importance of emerging market economies.