The major problem with the gold standard was that no multinational institution could stop countries from engaging in competitive devaluations

Indicate whether the statement is true or false.

TRUE
The Bretton Woods conference participants wanted to avoid the senseless competitive devaluations of the 1930s, and they recognized that the gold standard would not assure this. The major problem with the gold standard was that no multinational institution could stop countries from engaging in competitive devaluations.