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
Famous quotes containing the words global, financial and/or system:
“Ours is a brand—new world of allatonceness. “Time” has ceased, “space” has vanished. We now live in a global village ... a simultaneous happening.”
—Marshall McLuhan (1911–1980)
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“I confidently predict the collapse of capitalism and the beginning of history. Something will go wrong in the machinery that converts money into money, the banking system will collapse totally, and we will be left having to barter to stay alive. Those who can dig in their garden will have a better chance than the rest. I’ll be all right; I’ve got a few veg.”
—Margaret Drabble (b. 1939)