[1] During the Great Depression, international monetary cooperation collapsed among liberal states.
In the United States and Great Britain sound money advocates were divided between those favoring reforms to stabilize the currency and others who called for an end to the gold standard and a managed currency.
[5] Subscribing nations agreed to refrain from competitive depreciation[6] to maintain currency values at existing levels, as long as that attempt did not interfere seriously with internal prosperity.
The remaining gold bloc nations, Belgium, Switzerland, and the Netherlands, also subscribed to the agreement.
[7][8] The agreement stabilized exchange rates, ending the currency war of 1931 to 1936,[9] but it failed to help the recovery of world trade.