The eurozone crisis seems to be consistent with the prediction that fiscal and financial crises have a strong link. In the wake of the subprime crisis, several European countries linked to the US crisis or the booms in real estate prices fuelled by bank loans have been looking at costly bank bailouts financed by bonds. These rescue operations and the economic collapse increased the budget deficit, resulting in an increase in debt. Rescue operations across Europe followed, in some respects, the example of Ireland, which guaranteed its entire financial system in September 2008. To combat the recession that accompanied the crisis, they also adopted an automatic expansionary fiscal policy, which also increased deficits. 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. Krugman (1999) focused on the balance sheets of companies that have borrowed abroad. A speculative attack would occur if the market expected a pejorative currency to lead to insolvency and contractual activity, which would deprive funds and put the unfavourable chain of events in the mirror. Another crisis occurred in 1948 and 1949, causing deflation of European currencies in 1949, which highlighted the absence of the dollar and the resulting destabilization of international trade. We see efforts by Europeans to create mechanisms to solve the problem of the shortage of dollars with the European Payments Mechanism, which creates the possibility of convertibility between European currencies, while maintaining restrictions on the convertibility of current transactions between third countries. The solution lies in the economic development we see in these European economies. International trade between Europe and the United States is beginning to rebalance after exports are restored. It is the rebuilding of European economies that solves the dollar problem. Once the dollar shortage problem is resolved, we move from a shortage of dollars to a surplus in the dollar.
The architects of Bretton Woods had devised a system in which exchange rate stability was a priority. But in an era of more activist economic policy, governments have not seriously considered permanent interest rates, modelled on the classic gold standard of the 19th century.