International financial system reform: much suggested, little done

It is well known that economic crisises are cyclic phenomena. They are repeated in a certain period of time. Exactly what factors underlie various economic cycles N.Kondratiev"s "major economic cycles", centennial cycles, etc. remains debatable. As for the world-wide crisises, their function is to remove global imbalances. The latter arise primarily in the most dynamically developing sector of economy. Such was the financial sector in the 1990s and at the beginning of the 21st century. Its relative isolating and transformation from serving segment of economy into self-sufficient happened in particular those years