The International Financial Cooperation – Recent Reforms

Abstract

The current financial crisis demonstrated, once again, the need for strengthened international financial cooperation. This article discusses the features of the international financial architecture and recent changes focusing on the role of the Financial Stability Board (FSB). It briefly reviews the post-war Bretton Wood arrangements and the changes that occurred after their establishment and recounts the genesis of the FSB and its role in promoting a coherent regulatory framework for a globally integrated financial system.