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At the post Second World War Bretton Woods conference Keynes proposed an interational reserve currency, the Bancor. It would be regulated by an International Clearing Union, like the International Monetary Fund during the Bretton Woods era. It was desinged to encourage equal terms of trade between nations and to prevent another great depression. In OTL the United States shot the idea down as they prefered to have the USD as the world's reserve currency.
So what would the effect be if this proposal had been adopted?