The Bretton Woods system represented the first time that governments explicitly made exchange rates a matter of international cooperation.

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The Bretton Woods system was a system of fixed exchange rates established by governments in order to promote economic stability and facilitate international trade. It represented the first time that governments explicitly made exchange rates a matter of international cooperation, as countries agreed to maintain their currencies within a narrow range of fluctuations relative to the value of the US dollar, which was in turn fixed to the value of gold. As such, the Bretton Woods system was a significant milestone in the history of international monetary cooperation.

The Bretton Woods System Represented the First Time That Governments