Genesis and realisation of the idea of the new international financial architecture

In the recent period the reaction to these crisis consequences of globalization which formed the danger of deforming the structures and mechanisms of the international financial system being created during a long period and with great effort became among others the conceptions defined as an attempt to reform the world financial system or as an idea of the new international financial architecture. Judging by the essence of the origin and also by the character of the actions deciding about the practical realization of this idea it can be stated that it acquires the features of a conception with a strategic and longterm dimension. Attempts to reform the world finan- cial system will therefore be continued and will assume the forms of solutions with long period consequences and a wide scope of stable action. Already at present the initiatives comprising the new international financial architecture include in their range both the macro-economic sphere (economic policy, including fiscal, monetary and social policy) and micro-economic (management standards of economic sub- jects). With their institutional backing they transcend the traditional structure of international financial organizations and are connected with the creation of new institutions called up to solve definite problems.