Strengthening the Global Financial Safety Net

The purpose of the Global Financial Safety Net (GFSN) is to secure financial stability by preventing crisis contagion and providing support for the countries in crisis. Now we are approaching the 10th year anniversary of Lehman Brothers failure and the onset of the global financial (and maybe – structural) crisis, which raised the issue of broader international interactions in building the Global Financial Safety Net to prevent deep and full-scaled financial crisis in single countries or regional economic systems. The old-fashioned system of Bretton-Woods institutions led by the IMF with all its many elements still suffer from serious shortcomings. Hence, the G20 together with all international financial institutions should continue their efforts aimed at strengthening the system in the coming years.

Task Force: An International Financial Architecture for Stability and Development