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:
“Much of what Mr. Wallace calls his global thinking is, no matter how you slice it, still “globaloney.” Mr. Wallace’s warp of sense and his woof of nonsense is very tricky cloth out of which to cut the pattern of a post-war world.”
—Clare Boothe Luce (1903–1987)
“A theory of the middle class: that it is not to be determined by its financial situation but rather by its relation to government. That is, one could shade down from an actual ruling or governing class to a class hopelessly out of relation to government, thinking of gov’t as beyond its control, of itself as wholly controlled by gov’t. Somewhere in between and in gradations is the group that has the sense that gov’t exists for it, and shapes its consciousness accordingly.”
—Lionel Trilling (1905–1975)
“Some rough political choices lie ahead. Should affirmative action be retained? Should preference be given to people on the basis of income rather than race? Should the system be—and can it be—scrapped altogether?”
—David K. Shipler (b. 1942)