Bretton Woods has also established the U.S. dollar as a reserve currency around the world. From 1944 to 1971, all major world currencies were linked to the dollar, while the dollar itself was linked to gold, a relationship commonly known as the “gold standard.” 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. In 1971, fearing that the U.S. gold supply would no longer be sufficient to cover the number of dollars in circulation, President Richard M. Nixon devalued the U.S. dollar against gold. After a race to the gold reserve, he declared a temporary suspension of the convertibility of the dollar to gold.
By 1973, the Bretton Woods system had collapsed. Countries could then choose any foreign exchange agreement for their currency, with the exception of the attachment of their value to the price of gold. They could, for example, link their value to another country`s currency or a basket of currencies, or simply let them float freely and allow market forces to determine their value against the currencies of other countries. Churchill defended his action in Yalta during a three-day parliamentary debate that began on 27 February and ended with a vote of confidence. During the debate, many MPs criticized Churchill and expressed deep reservations about Yalta and his support for Poland, 25 of whom drafted an amendment to protest the agreement.  In a way, he ultimately did not; Since the abandonment of the gold standard, all world currencies have oscillated against each other — a situation that was inherently less stable than the dominance of the U.S. dollar from 1944 to 1971. The three heads of state and government have ratified the agreement of the European Advisory Commission setting the limits of post-war zones of occupation for Germany: three zones of occupation, one for each of the three main allies.
They also agreed to give France an area of occupation that was cut off from the areas of the United States and the United Kingdom, although De Gaulle later refused to accept that the French zone be defined by borders defined in his absence.