The structure of international financial law is an inter-institutional framework in which the main actors are regulatory institutions. The international regulatory system comprises institutions specializing in setting agendas, such as the G20 and the Financial Stability Board, which operate at the core of the international financial system. It also includes institutions focused on setting standards, such as the Basel Committee, and in two specific areas: the Financial Action Task Force and the Global Forum on Transparency and Exchange of Information. And also, institutions that play a crucial role in overseeing the international financial system—most notably, the International Monetary Fund (IMF). Indeed, the three main actors in reforming the international financial architecture are the G20, the Financial Stability Board, and the International Monetary Fund (IMF).
This study, using a descriptive-analytical method and library resources, seeks to examine and analyze the changes in global financial governance in response to the following question: Have the reforms led to an increase in the legitimacy of the new international financial structure and advancements in the implementation of international financial standards? The answer we reach is that the legitimacy, transparency, and accountability of the reformed international financial governance have increased. Moreover, due to the changes and efforts to ensure global adherence to international financial standards, the implementation of these standards has improved. However, it is crucial to note that the current state is far from the ideal and requires urgent and continuous innovations.