In 1930 economical and trading relations between international states have collapsed as a result of the global financial crisis started in the USA. Before the economical crisis arose gold standard currency system has been brought to history.

At that time London became the largest financial center in the world. Established in 1930 in Basel, Switzerland, the Bank for International Settlements (BIS) is a bank for central banks. It takes deposits from, and provides a wide range of services to, central banks, and through them, to the international financial system.

Although the other currencies were still pegged to the dollar until 1973, the main difference from the previous regime was the abolition of the dollar's convertibility into gold guaranteed by the U.S. Treasury, making the dollar effectively a fiat currency.

The mission of the BIS is to provide financial assistance to the newly independent countries with the deficit in their balance of payment.

In 1944 in the USA in the lead of Great Britain 45 countries took part in the Bretton-Wood conference held in Bretton Woods, New Hampshire. During the Bretton-Wood conference the following principles have been accepted:

  1. Formation of the International Monetary Fund (IMF) which is today part of the World Bank;

  2. Being the international currency reserves such currencies as USD dollar and British pound have been defined;

  3. All the currencies based on the gold exchange standard were nominated in USD dollar;

  4. At the end of the transition period all the currencies were convertible;

  5. The member countries were able to pay membership fees to the International Monetary Fund in national currency or gold.

The Smithsonian Agreement held in December 1971 adjusted the fixed exchange rates established at the Bretton Woods Conference of 1944.

In January 1999, for the first time euro entered the foreign exchange as a single currency. 11 European Union countries decided to keep national currencies fixed in the relation to the euro. European Central Bank began to implement currency policy for the European Union.


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