The research aims to investigate and analyze the international financial structure and the initiatives adopted to reform it following the global financial crisis of 2008 and 2009. It acknowledges that despite a comprehensive set of international financial standards and the development of financial standards after the collapse of the Bretton Woods system that covered most areas of international financial law, the crisis highlighted the need for a comprehensive restructuring of the global financial framework. The research uses a descriptive-analytical method and the library method to collect information. This suggests that the study relies on existing literature, reports, and documents to gather data and analyze the international financial structure and the reforms implemented post-crisis. Using a descriptive-analytical approach, the research aims to understand the global financial structure and the specific innovations undertaken to reform it, shedding light on the changes and initiatives adopted to enhance the global financial system's resilience. This would involve examining the role of the G20 in guiding the restructuring process and enhanced governance of the IMF and FSF.
As well as the key question addressed here is whether these reforms have succeeded in preventing or diminishing the impact of international financial crises, particularly in reducing systemic risk. The assessment concludes that revisions to international financial standards have been largely effective in averting or mitigating major crises thus far.