The global financial system (GFS) is the financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level. The main players are the global institutions, such as International Monetary Fund and Bank for International Settlements, national agencies and government departments, e.g., central banks and finance ministries, private institutions acting on the global scale, e.g., banks and hedge funds, and regional institutions, e.g., the Eurozone.
Deficiencies and reform of the GFS have been hotly discussed in recent years.
Read more about Global Financial System: History, Perspectives, Criticism, Discussions and Reform
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“The Sage of Toronto ... spent several decades marveling at the numerous freedoms created by a “global village” instantly and effortlessly accessible to all. Villages, unlike towns, have always been ruled by conformism, isolation, petty surveillance, boredom and repetitive malicious gossip about the same families. Which is a precise enough description of the global spectacle’s present vulgarity.”
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