The current paradigm of reforming the global financial system.

Abstract

The necessity of a comprehensive reform of the existing system of international financial institutions towards enhancing their representativeness and effectiveness of response to new economic challenges and a major review of the foundations of the current global financial architecture and the transition to a new world monetary system. The necessity of eliminating gaps in the international architecture debt relations on the basis of development of a comprehensive mechanism for regulating public debt if the use of innovative forms of overcoming the debt crisis, including the following: forming circuits independent arbitration or mediation or additional help in organizing special meetings debtor with its creditors; the right to participate in the initiative relatively poor countries with large debts in order to enable participation of any country with low and lower middle-income vulnerable in terms of the emergence of debt problems.