A conceptual model of resistive magnetic reconnection via a stochastic plasmoid chain is proposed. The global reconnection rate is shown to be independent of the Lundquist number. The distribution of fluxes in the plasmoids is shown to be an inverse square law. It is argued that there is a finite probability of emergence of abnormally large plasmoids, which can disrupt the chain (and may be responsible for observable large abrupt events in solar flares and sawtooth crashes). A criterion for the transition from magnetohydrodynamic to collisionless regime is provided.PACS numbers: 52.35. Vd, 94.30.cp, 96.60.Iv, 52.35.Py Introduction. Magnetic reconnection is the process of topological rearrangement of magnetic field, resulting in a conversion of magnetic energy into various forms of plasma energy [1]. It is believed to cause solar flares and has been studied in tokamaks [2], dedicated laboratory experiments [3] and measured in situ in the Earth's magnetosphere [4]. The basic conceptual underpinnings of the modern understanding of resistive reconnection can be summarised in three points: (i) generic X-point configurations are unstable and collapse into current layers [5,6]; (ii) the structure of resistive current layers is well described by the Sweet-Parker (SP) model [7]: if B 0 is the upstream magnetic field, V A = B 0 / √ 4πρ is the Alfvén speed (ρ the plasma density), L the length of the layer, η the magnetic diffusivity, and S ≡ V A L/η the Lundquist number, then the layer thickness is δ ∼ L/ √ S, the outflow velocity is V A , and the reconnection rate is cE ∼ V A B 0 / √ S -"slow" because it depends on S, which is very large in most natural systems; (iii) when S exceeds a critical value S c ∼ 10 4 , the SP layers are linearly unstable [8] and break up into secondary islands, or plasmoids [9]. This fact has emerged as a defining feature of numerical simulations of reconnection as they have broken through the S c barrier [6,[9][10][11][12][13][14][15][16]. It seems that high-S reconnection generically occurs via a chain of plasmoids, born, growing, coalescing, and being ejected in a stochastic fashion [17,18]. Importantly, recent numerical evidence [11,[13][14][15][16] suggests that plasmoid reconnection is "fast", i.e., independent of S.