A third common model for Italian city-states (Figure 2.4) was to gradually degrade the silver currency while maintaining the stability of gold coins. This policy of the Italian municipalities, managed by a commercial oligarchy, reflected the interests of the economic elite. Governments in Italy`s dynamic shopping centres were the first to adopt a monetary policy independent of fiscal considerations. They saw a link between the abundance of coins and the well-being of the economy and preferred a slight inflation of deflation. By devaluing the silver currency, they were able to increase the price of the coin for money and attract fresh bullion to coins. This contrasts with the monetary stability of England, which has kept mint prices constant for generations, creating a gap between the price of the coin and the market price of silver (which has increased due to the wear and tear of coins in circulation) and a decline in the growth rate of silver deliveries relative to the growth rate of the economy. The bimetallic nature of the Italian monetary system has enabled two objectives to be achieved simultaneously: monetary stability and devaluation. The gold coin remained stable, while the silver was devoid. The economic elite, made up of bankers and textile exporters, earned income and held their fortunes in gold or gold bonds and paid for its labour costs in silver.
Thus, their gold coins enjoyed reputation and circulation on a European scale (particularly the Florentine Florin – the almighty dollar of the Middle Ages), while the abundant silver coins referred to the national economy.27 What turned out to be largely reflected in the preferences of the United States: a system of subscriptions and quotas integrated into the IMF, which was not to be itself more than a solid pool of national currencies and gold. which was drawn by each country. , unlike a global central bank capable of creating money. The Fund was tasked with managing the trade deficits of different nations so that they would not cause currency devaluations that would lead to lower imports. 730 delegates from the 44 Allied nations gathered at the Mount Washington Hotel in Bretton Woods, New Hampshire, USA, for the United Nations Monetary and Financial Conference, also known as the Bretton Woods Conference. Delegates deliberated from July 1 to 22, 1944 and signed the Bretton Woods Agreement on the last day. Through the establishment of a system of rules, institutions and procedures for regulating the international monetary system, these agreements created the IMF and the International Bank for Reconstruction and Development (IBRD), now part of the World Bank Group. The United States, which controlled two-thirds of the world`s gold, insisted that the Bretton Woods system was based on both gold and the U.S. dollar. Soviet representatives attended the conference, but then refused to ratify the final agreements and claimed that the institutions they had created were “branches of Wall Street.”  These organizations were commissioned in 1945 after the agreement was ratified by a sufficient number of countries.