4. If a member has not reached an agreement with the Fund within the three-month period covered in paragraph 3 above, the Fund uses the currencies of other members assigned to that member in paragraph 2 (c) to repay the member`s currency that has been allocated to other members. Any currency awarded to a member who has not reached an agreement is used, as far as possible, to exchange currency allocated to members who have entered into agreements with the Fund under 3. (f) After December 31, 1945, this agreement may be signed on behalf of the government of a country whose affiliation has been approved in accordance with Article II, Section 1, Point b). (e) This agreement may be signed in Washington on behalf of the governments of the countries whose name is fixed in Schedule A until 31 December 1945. In early 1942, U.S. and British officials began to develop proposals that would promote economic stability and prosperity in the post-war world. Harry Dexter White, special assistant to the US Treasury Secretary, and John Maynard Keynes, a British Treasury adviser, have developed plans to create organizations that would provide financial assistance to countries with short-term balance of payments deficits; This assistance should ensure that these countries do not adopt protectionist or predatory economic policies in order to improve their balance-of-payments position. While both plans presented a world of fixed exchange rates that were seen as more favourable to the expansion of international trade than exchange rate fluctuations, they differed on several key points.
As a result, from 1942 to 1944, bilateral and multilateral meetings of Allied financial experts were held to agree on a common approach. The July 1944 UNITED Nations Financial and Monetary Conference, a gathering of delegates from 44 nations at Bretton Woods, New Hampshire, finally reached an agreement. The two main achievements of the Bretton Woods Conference were the creation of the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), commonly known as the World Bank.