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Europe to revive its own economy and restore export competitiveness . December 1958 , Britain, France , West Germany and other Western European 10 countries announced the resumption of a freely convertible currency , the normal operation of the Bretton Woods system onto the track , the establishment of the economic pillar of postwar international order , Western countries appear unprecedented prosperity , and established the dollar in the world monetary system hegemony.
However, due to design flaws Bretton Woods system itself and the development of the Cold War , this system and the emergence of new problems .

First, the design of the Bretton Woods system itself is seriously flawed . 1960 • Yale professor Robert Triffin (Robert Triffin) publication of " Gold and the dollar crisis," a book that within the Bretton Woods system , countries with dollar liquidity fundamental contradiction between faith . Countries rely on the U.S. balance of payments deficit to get solvency, if the United States long-term balance of payments deficit will inevitably undermine confidence in the dollar ; And if the United States to maintain balance , the cause of national solvency deficiencies. This is an irresolvable contradiction . Increased foreign holdings of dollars , if not press the $ 35 / ounce official price of gold convertibility , it will lead to instability of the international monetary system .

Secondly, the development of the Cold War and the international pattern of change. In the 1950s , despite the presence of the Bretton Woods system, the difficulties, but because of the strength of the United States in the world economy and its strong position , but also in the development of the Cold War , the United States starting from the global strategy , their economic interests are subordinate to the interests of international politics , allowing Western Europe, Japan, according to national circumstances, freedom to change its currency against the U.S. Dollar , thus maintaining the Bretton Woods system continues to operate .

But by the 1960s, the international situation changes lead role of the Bretton Woods system began to show Griffin predicament . The late 1950s early 1960s, Western Europe, Japan economic recovery, the relative decline of American power , the United States gradually from surplus countries to deficit countries shift from oil-exporting country into the importing country , Eurodollars , petrodollars Asian dollar and other foreign dollars to be shipped born . On the other hand , Soviet confrontation intensified development of the Cold War , the Korean War , the Vietnam War , the arms race and U.S. domestic policy needs to make the United States serious inflation , deteriorating U.S. balance of payments . 1972 U.S. balance of payments deficit accumulated $ 80 billion , a lot of dollars into foreign governments , corporations and private hands , the dollar shortage of dollars into disaster . Western Europe, Japan and other countries reduce confidence in the dollar , have been converted to U.S. dollars of gold , resulting in U.S. gold reserves to decline rapidly. In 1971, the U.S. gold reserves $ 11 billion , while short-term debt $ 55.1 billion over the same period . In this case, the Bretton Woods system has been difficult to operate .

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