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The international financial system faced the crisis of 2020 with a set of accumulated problems, a number of which were exacerbated by the impact of the crisis. Thus, the threat of the formation of "bubbles" has increased in certain segments of the international financial market (stock market, cryptocurrency market); the debt burden has increased. At the same time, the crisis of 2020 did not cause a "global sudden stop", gross cross-border capital flows have grown in all leading advanced economies. It is proposed to intensify the reform of the international financial system in the following main areas: strengthening the representation and influence of developing countries and emerging economies in international financial institutions; alignment of regulation in various segments of the international financial system; creation of protective collective mechanisms.
M. Yu. Golovnin (Fri,) studied this question.