Which of the following statements is FALSE? Group of answer choices The Bretton Woods system...
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Finance
Which of the following statements is FALSE?
Group of answer choices
The Bretton Woods system failed because the supply of the U.S. dollar as not sufficient to support the growth in global trade and the related financial transactions.
The Bretton Woods system created the World Bank to enforce the agreement and serve the function of the global central bank from which member countries can borrow.
Under the Bretton Woods system, the U.S. dollar was the only currency that was full convertible to gold because after WWII, the United States held three-fourths of the world's supply of gold. No other countries had enough gold to back its currency.
Under the Bretton Woods system, each country had to have a monetary policy that kept the exchange rate of its currency within a fixed valueplus or minus one percentin terms of gold.
The Bretton Woods agreement of 1944 replaced the gold standard with the U.S. dollar as the global currency.
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