They agreed to establish a monetary order based on fixed exchange rates, together with a process to realign exchange rates in the event of fundamental imbalances. Important institutions, such as the International Monetary Fund, the World Bank, and the General Agreement on Tariffs and Trade, were also established. But since the 1970s, many economies have adopted flexible exchange rate regimes.
In general, these regimes have been able to coexist with fixed exchange rate regimes, and to do so relatively well in a world of open capital markets. However, the success of this coexistence has depended on countries following "the rules of the game" appropriate to the exchange rate regime they have chosen. What do I mean by "the rules of the game"?