Impact of Economic Crisis on the International Monetary System

The article is devoted to the current problems of the international monetary system with the stress on the global crisis that revealed the vulnerability of modern financial markets. The main goal of the article is to evaluate reform efforts done by the International Monetary Fund. Closer attention is focused mainly on the reform efforts that have been triggered by contemporary financial crisis. In particular, analysis included deals with Fund's credit lines that have been revised to reflect the current needs of the countries hit by the financial crisis. The EU has been affected by the reforms as well and started to use the International Monetary Fund's financial assistance to solve problems of its individual member countries.