The provisions of paragraphs 2 and 3 do not apply to policyholders who, by explicit agreement, have already settled with the insurance companies the determination of the value of their policies and the method of payment of their premiums, or to those whose policies are definitively settled on the effective date of this contract. The big question at the Bretton Woods conference on the institution that would emerge from the IMF was the question of future access to international liquidity and whether it should resemble a world central bank capable of building up new reserves at will or a more limited credit mechanism. Yet American officials were determined to open their access to the British Empire. The total value of British and American trade was well over half of the world`s merchandise trade. In order to open up world markets, the United States first had to divide the British (commercial) empire. While Britain had dominated the 19th century economically, American officials intended to make the second half of the 20th century. Being under American hegemony. [21] [22] The architects of Bretton Woods had devised a system in which exchange rate stability was a priority objective. But in an era of more activist economic policy, governments have not seriously considered permanent interest rates, modelled on the classic gold standard of the 19th century. Gold production has not even been sufficient to meet the demands of growth in international trade and investment. In addition, much of the world-famous gold reserves were in the Soviet Union, which was to emerge as a Cold War rival with the United States and Western Europe. About 730 delegates from 44 countries met in Bretton Woods in July 1944 with the main objective of creating an effective exchange rate system, preventing competitive currency devaluations and promoting international economic growth.

The Bretton Woods agreement and system have been at the heart of these objectives. The Bretton Woods Agreement also created two important organizations: the International Monetary Fund (IMF) and the World Bank. While the Bretton Woods system was dismantled in the 1970s, the IMF and the World Bank remained strong pillars for international currency exchange. The Fund may decide, by a majority of 70% of the vote, to publish a report to a member on its monetary or economic conditions and developments, which directly leads to a serious imbalance in the international balance of payments of members. The member concerned is entitled to representation in accordance with Section 3, Point J) of this article. The Fund does not publish a report on changes in the basic structure of the members` economic organization. The aim of the conference was to avoid the resurgence of closed markets and the economic wars that characterized the 1930s. Thus, the Bretton Woods negotiators agreed on the need for an institutional forum for international monetary cooperation. In 1944, the British economist John Maynard Keynes stressed “the importance of rules to stabilize business expectations” – something he accepted in the Bretton Woods system.

The monetary problems of the interwar years were felt to have been considerably aggravated by the absence of an established procedure or procedure or procedure for intergovernmental consultation.