A second structural change, which undermined monetary management, was the decline of American hegemony. The United States was no longer the dominant economic power it had been for more than two decades. By the mid-1960s, the E.C and Japan had become autonomous international economic powers. With total reserves higher than those of the United States, higher growth rates and trade, as well as per capita income, which was close to that of the United States, Europe and Japan, narrowed the gap between itself and the United States. The United States, through the United States Agency for International Development (USAID) and the Philippine Ministry of Finance (DOF), has signed a new five-year bilateral aid agreement worth more than $10.5 billion ($213 million) to stimulate the country`s economic development and growth. This agreement allows USAID and the Philippines to step up their commitment to accelerating inclusive and inclusive economic growth through a policy that increases investment and trade in the Philippines. New programs and activities will foster inclusive, market-based growth; Improving the business environment Develop economic opportunities through private sector-led innovation for small and medium-sized enterprises; and increase access to information and communication technologies for the digital economy, which benefits both producers and consumers. 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.