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1944, when the Bretton Woods system was established, it was widely believed that competitive devaluations, currency limitations, and trade obstacles had exacerbated the Great Depression. That these things contributed to the Great Depression was even suggested by some. To address this problem, the IMF established guidelines under which member countries could only adjust the parity of their currencies in the event of a "fundamental disequilibrium." The basic idea was that maintaining the current levels of individual exchange rates would prevent devaluations brought on by competitive forces, hence insuring system stability
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