The Economic Crisis and New Regulatory Proposals in the Financial Sphere

The financial crisis that began in the United States as a result of the downturn in residential property values quickly spread to the global economy. The new risks which emerged during the breakdown highlighted the significant limitations and gaps in the existing regulatory system. The aim of this article is to examine the nature of the last crisis (its reasons and course), outline the new regulatory proposals of the main international bodies (the International Monetary Fund and the Basel Committee on Banking Supervision) in the financial sphere and to present the implementation of these proposals in the European Union and the United States in light of the G-20 summit arrangements.