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ents , unified global regulatory therefore also been a certain degree of development , such as the Basel Committee to develop global standards of banking supervision has been more and more countries accepted by the International Swaps and derivatives Association (ISDA) to develop relevant standards evolving into an international financial derivatives transactions during the fundamental basis and so on.

Second, the global harmonization of regulatory achieved a certain degree of development . For example , the Basel Committee on banking supervision to develop a global standard has been accepted by more and more countries , the International Swaps and Derivatives Association (ISDA) to develop relevant standards evolving into an international financial derivatives transactions in the process of basic basis and so on.

Although with the development of the financial industry , the international financial regulatory model for the corresponding necessary adjustments , but the outbreak of the financial crisis has fully exposed the current international financial regulatory system exists numerous flaws :

First, the lack of effective regulation of financial markets . Major Western countries for the lack of effective regulation of financial markets , resulting in excessive financial innovation , far beyond the needs of economic development entities , which is caused by the financial crisis is one of the important reasons .

Secondly, consolidated supervision needs to be improved . For example, integrated regulatory approach has been taken from the British point of view, because as a regulator of the UK Financial Services Authority is not good banking supervision , its lack of supervision of Northern Rock bank , making the bank crisis in the subprime mortgage losses, and triggered a run on the trend, Northern Rock bank ultimately had to be nationalized.

Again, the lack of coordination of international financial regulatory mechanisms . National financial supervisory authorities lack the necessary international financial regulatory communication and coordination , which can not timely financial risk control and block the spread worldwide .

Finally, the international financial institutions, regulatory dereliction of duty . IMF and other international financial institutions in the past did not adequately fulfill its international financial markets due to regulatory duties , resulting in the risk of the international financial system continue to accumulate , and eventually led to the financial crisis .

After the outbreak of the international financial crisis , the G20 summit after three coordination and consultation , economies elaborated on the reform of the international financial system and their views , and in some areas reached some consensus , including the strengthening of IMF role in international financial regulation enrich the IMF's financial strength, to enhance developing countries in international financial institutions such as voice and representation . Although these specific reform measures have yet to be further clarified , but the overall direction and ideas have been formed. At the same time , countries out of their own strategic interests , it is inevitable in some important issues there are differences .

The United States is the core of the current international financial system is currently the biggest beneficiary of