Which statement best summarizes the evolution from Bretton Woods to today’s international monetary system?

• A. Bretton Woods established fixed exchange rates; today’s system blends floating rates with central-bank interventions and policy coordination
• B. The system has always used floating exchange rates since 1944
• C. Bretton Woods established a strictly gold-backed standard with no regulation
• D. Today's system is characterized by a fixed exchange-rate regime without intervention

Answer: (A)