1934 Gold Reserve Act restructures U.S. gold policy The United States centralizes gold holdings and revalues gold, a major precondition for later wartime and postwar monetary planning. 1941 Allied monetary planning intensifies British and American officials begin detailed wartime negotiations over the shape of a postwar monetary order. July 1944 Bretton Woods Conference is held Delegates from 44 countries meet at Bretton Woods and agree on the framework for a postwar monetary system based on fixed but adjustable exchange rates. December 27, 1945 IMF and World Bank articles enter into force The required number of countries ratify the agreements, bringing the International Monetary Fund and International Bank for Reconstruction and Development into existence. March 1946 Savannah conference launches operations Delegates meet in Savannah, Georgia, to arrange the initial operations of the IMF and World Bank. 1947 World Bank makes its first loan The World Bank extends its first loan, to France, as the new postwar financial architecture begins functioning in practice. October 30, 1947 General Agreement on Tariffs and Trade is signed The GATT is signed in Geneva, complementing the Bretton Woods monetary order with a multilateral trade framework. September 1949 Britain devalues the pound The United Kingdom devalues sterling, testing the durability of the fixed-exchange-rate system. December 1958 Major Western European currencies become convertible Western European countries restore external convertibility for their currencies, a major milestone in the maturation of the system. 1960 London Gold Pool is created Major central banks form the London Gold Pool to help stabilize the official gold price under Bretton Woods. 1963 United States adopts the Interest Equalization Tax Washington imposes a tax intended to reduce capital outflows and ease pressure on the balance of payments. November 1967 Sterling is devalued again A second major devaluation of the pound underscores continuing strain within the Bretton Woods system. March 1968 London Gold Pool collapses The London Gold Pool breaks down and a two-tier gold market is introduced, weakening confidence in the gold-dollar fram… 1969 Special Drawing Rights are created The IMF creates Special Drawing Rights as a supplementary international reserve asset. August 15, 1971 United States suspends gold convertibility President Richard Nixon ends the dollar's convertibility into gold for foreign monetary authorities, a defining rupture… December 1971 Smithsonian Agreement is reached Major countries attempt to preserve fixed exchange rates through a new realignment of currencies. 1972 European snake narrows exchange-rate bands European countries establish the 'snake in the tunnel' arrangement to limit exchange-rate fluctuation after the Bretton… March 1973 Major currencies begin floating The move by leading economies to generalized floating exchange rates marks the effective end of Bretton Woods as an ope… 1976 Jamaica Accords formalize post-Bretton Woods order IMF members agree in Jamaica to revise the rules of the international monetary system, recognizing a broader role for f… April 1, 1978 IMF Second Amendment takes effect The second amendment to the IMF Articles of Agreement enters into force, legally confirming the transition away from th…