All news

Bretton Woods system dead and gone — Putin

"There is no other guarantee, so to say, other than confidence in the US economy, in the current global financial system," the Russian leader noted

ST. PETERSBURG, June 7. /TASS/. The Bretton Woods monetary system is dead and gone and the current one is based on the confidence in the US economy, Russian President Vladimir Putin said at the plenary session of the St. Petersburg International Economic Forum (SPIEF).

"The Bretton Woods system is long since dead; Jamaica Accords appeared to replace it. The Bretton Woods system was based on the gold equivalent. In 1976, decisions were made nearby at that time, the US decided to step back from the gold equivalent and the Jamaican system was created, which unpegged the dollar from gold," Putin said.

"Actually, what is the basis of this Jamaican system effective until now? Confidence in the US economy. Look, what is really happening today. There is no other guarantee, so to say, other than confidence in the US economy, in the current global financial system," the Russian leader noted.