The Bretton Woods arrangements were largely adhered to and ratified by the participating governments. It was expected that national monetary reserves, supplemented with necessary IMF credits, would finance any temporary balance of payments disequilibria. But this did not prove sufficient to get Europe out of its conundrum.

The Bretton Woods arrangements were indeed largely adhered to and ratified by the participating governments. The expectation was that national monetary reserves, supplemented with necessary IMF credits, would finance any temporary balance of payments disequilibria. However, this proved insufficient to resolve Europe's economic difficulties.

The reasons for this are multifaceted. Firstly, the scale of the economic challenges facing Europe in the aftermath of World War II was immense. Many countries were dealing with significant infrastructure damage, population displacement, and other issues that required substantial resources to address.

Secondly, the Bretton Woods system was based on a fixed exchange rate system, with the U.S. dollar as the anchor. This system proved to be inflexible and unable to adequately respond to the changing economic conditions in individual countries.

Thirdly, the IMF credits were not sufficient to cover the large balance of payments deficits that many European countries were facing. This led to a reliance on U.S. aid, particularly through the Marshall Plan, to help rebuild their economies.

Finally, the Bretton Woods system did not adequately address the issue of trade imbalances. This led to persistent imbalances, which further exacerbated the economic challenges facing many countries.

In conclusion, while the Bretton Woods arrangements provided a framework for international economic cooperation, they were not sufficient to fully address the economic challenges facing Europe in the aftermath of World War II.