Threat to Multilateralism of Global Financial System
Threat to Multilateralism of Global Financial System

Summary/Abstract: This research has been encouraged by two major developments of December 2017: the US National Security Strategy announced the end of the “global community” and coldly replaced it with the paradigm of great power competition; the European Commission transmitted to the European Council the Proposal for establishing a European Monetary Fund. Both documents raise the awareness of the crisis of the world order and the need for action. The paper combines the literature research with the field experience of the author in various international forums. The fragile equilibrium of present state of affairs in world finance is threatened by a combination of political mistrust in multilateralism with enhanced nationalism and hegemonic attitudes. Confronted with those, Europe needs a determined action to foster both unity and its political power, and findings of this paper are meant to provide arguments for action.

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