<Tr> <Td> 15 September 1957 </Td> <Td> 3.2 </Td> <Td> Eur 0.5382 </Td> </Tr> <Tr> <Td> 1 January 1963 </Td> <Td> 3.2 </Td> <Td> 1 new markka = 100 old markka </Td> </Tr> <Tr> <Td> 12 October 1967 </Td> <Td> 4.2 </Td> <Td> Eur 0.7064 . Pegged to a basket in 1971, floated in 1991 </Td> </Tr> <Tr> <Td> 30 December 1998 </Td> <Td> 5.084 * </Td> <Td> Last day of trading; converted to euro (4 January 1999) </Td> </Tr>

Describe the significance of the bretton woods system