The agreement did not promote the discipline of the Federal Reserve or the U.S. government. The U.S. Federal Reserve expressed concern about a rise in the domestic unemployment rate due to the depreciation of the dollar. To undermine the efforts of the Smithsonian Agreement, the Federal Reserve lowered interest rates in order to pursue a pre-domestic policy objective of full national employment. With the Smithsonian agreement, member states expected the dollar to return to the United States, but lower interest rates within the United States have led the U.S. dollar to continue to flow to foreign central banks. The influx of dollars into foreign banks continued the process of monetizing the dollar abroad, beating the objectives of the Smithsonian agreement. As a result, the price of the dollar in the goldless market continued to weigh on its official price; Shortly after the announcement of a 10% devaluation in February 1973, Japan and the EEC countries decided to let their currencies fluctuate. This turned out to be the beginning of the collapse of the Bretton Woods system. The end of Bretton Woods was officially ratified by the Jamaican Agreements in 1976. In the early 1980s, all industrialized countries used floating currencies.
  The assurance of reissue by the gold standard began to become a serious problem in the late 1960s. In 1971, the problem was so serious that U.S. President Richard Nixon announced that the possibility of converting the dollar to gold was “temporarily” suspended. The stage was inevitably the last straw for the system and the agreement that sketched it. At the time, the gaps between White and Keynes` plans seemed enormous. White actually wanted a fund to automatically reverse destabilizing financial capital flows. White proposed a new monetary institution called the Stabilization Fund, which “with a finite pool of national currencies and gold… which would effectively limit the granting of reserve credits. Keynes wanted to encourage the United States, the United Kingdom and the rest of Europe to help with post-World War II reconstruction.  In his closing speech at the Bretton Woods Conference on July 22, 1944, Keynes explained how difficult it was to create a system that any nation could accept.
First, the creation of the IMF and the World Bank. To date, these two institutions are of paramount importance to the global economy. As part of the agreement, countries promised that their central banks would maintain fixed exchange rates between their currencies and the dollar. If a country`s monetary value became too low against the dollar, the bank would buy its currency back on the foreign exchange markets. , Canada, Western European countries, Australia and Japan after the Bretton Woods Agreement of 1944.