Abstract:

Resulted from an exaggerated optimism, which led to an excessive undertake of the business risk rate, combined with a defective management of the risk administration on financial markets and against the background of some inconsistent macroeconomic policies that are generators of internal and external unbalances, and of some drawbacks in financial regulation and supervision, the phenomenon generated by the capital markets has turned into a global economic crisis. Over a relatively short period of time, this phenomenon has suffered mutations, presently witnessing the second stage of the crisis, the socalled “European stage” or the “national debts’ crisis”. This paper argues that the reform of the international financial system is imperatively necessary under the conditions it is requested both by the developing countries and especially by the developed economies that are experiencing a difficult time in administrating the public debt. Some directions, towards which the international financial systems can move, are hereby presented, focusing on the regulation and the control of the capital flows, especially speculative ones.The paper emphasizes the delicate aspects of the debates, held at international level, regarding governance, firstly at European level, so that, on long term, it should be expanded as a government at world level.