Does the Bretton Woods Conference still provide stability for the World Economy?

The Bretton Woods Conference was a gathering of 44 nations in Bretton Woods, New Hampshire, USA to agree to regulate and consolidate a new global financial order regarding the conclusion of the Second World War on 22nd July 1944. This conference set up three major global institutions, the International Monetary Fund (IMF), the World Bank (formerly the IBRD) and later, the World Trade Organization (WTO). The main goals of these institutions was to set up a stable exchange rate, encourage international cooperation and trade liberalisation.

The Bretton Woods system was deemed successful for decades until it's eventual breakdown in 1971 after the Vietnam War and the US trade deficit, the US dollar became disengaged from the gold standard under Richard Nixon and the fixed exchange rates turned into floating rates where value of currency was determined by the success of trade. Ultimately, this led to the introduction of the Euro in Europe due to the belief that a universal monetary cooperation was important and the creation of the G7 formed of the world's leading economies in the 1980's. However, some argue that due to the remains of this system carrying on in terms of it's institutions and that it's core principles and the organizations it set up still provides the global economy with stability today.

After the global financial crisis of 2008, there were frequent talks on how the global economy must adapt to survive, with many economists calling for the reintroduction of the Bretton Woods system, supported by former French President Nicolas Sarkozy who claims "we must rethink the financial system from scratch, as at Bretton Woods." Furthermore, in the 2009 meeting of the G20, it was proposed that the establishment of realigned exchange rates be reintroduced to help devalue currencies in deficit bound nations and value surplus nations upward. This is evidence that the Bretton Woods system could still be effective and applicable to modern day economic issues.

Furthermore, the outcome of the Bretton Woods system resulted in heightened interdependence and international cooperation. This is still shown in the efforts of the United Nations today in terms of it's efforts in peacekeeping and ECOSOC's devotion to social and economic progression. Despite the reputations of IGO's such as the International Monetary Fund and the World Bank as well as TNC's regarding neo-colonialism and exploitation of deficit and periphery nations, they also provide FDI (Foreign Direct Investment) in the form of short and long term loans to stabilise exhange rates, fund development projects and ultimately stimulate economies and encourage trade.