Trajectories of transformation of international financial architecture in the conditions of a new normality

Abstract

© Published under licence by IOP Publishing Ltd. In this article, we contemplate the consequences of the global crisis, the influence of new world challenges and threats for reforming the world financial architecture, and its subsequent development in a new phase called a new normality. In this work, we discuss the changes in the world financial architecture on all levels, both in respect of transformation of the role and forms of world financial institutions, and in respect of the regulative norms and obligations reflected in a picture drawn by the authors. We showed the growing role of the influence of some countries and groups of countries in the process of transforming the international financial architecture; we confirmed the hypothesis about the growing role of such informal structure as Group 20 (G20). We analyzed the transformational processes and predicted 2-aspect changes in reforming the international financial architecture in the near future.