A new reserve value, the SDR was created and received the value of 0.888571 grams of fine gold, the same value as the dollar in July 1944. The agreement also facilitated the creation of very important financial structures: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD), now known as the World Bank. 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. Roosevelt and Henry Morgenthau insisted that the Big Four (United States, Great Britain, the Soviet Union and China) participate in the Bretton Woods Conference in 1944, but their objective was thwarted when the Soviet Union did not join the IMF. In the past, the reasons why the Soviet Union decided not to sign the articles until December 1945 have been the subject of speculation. But since the publication of the Soviet archives, it is now clear that the Soviet calculation was based on the behaviour of the parties who had actually expressed their agreement with the Bretton Woods agreements. [Citation required] The long debates on ratification, which had taken place in the United Kingdom and the United States, were read in Moscow as evidence of the rapid disintegration of the war alliance.
[Citation required] The United States launched the Marshall Plan for the economic recovery of the European Union in order to provide significant financial and economic assistance to the reconstruction of Europe, largely through subsidies rather than loans. The member countries of the Soviet bloc, for example. B Poland, were invited to receive the subsidies, but obtained a favorable agreement with the COMECON of the Soviet Union.  In a speech at Harvard University on June 5, 1947