Development of the Global Governance System in the Medium Term, Taking into Account the Principles of Multilateralism

The speed and scale of the changes taking place in the global economy exacerbate the contradiction between its global nature and the predominantly national level of regulation, which leads, along with other global imbalances, to the accumulation of problems and contradictions that need to be resolved at the supranational level.

The subjects of the research are the factors and directions of the development of the global governance system in the context of the dual transition to the “green” and digital economy, the ongoing coronavirus pandemic and the growing general instability of the global monetary and financial system.

The purpose of the work is to identify promising directions for the development of the existing system of global regulators that provide the ability to solve key problems of the global world monetary and financial system based on the principles of multilateralism.

As a result of the conducted research, it is proved that the three-level system of global governance, consisting of interacting formal and informal regulators, is more consistent with the tasks of supranational regulation in the global economy, subject to the principle of multilateralism, and the vector of its further development is due to the trend to increase the importance of informal regulatory institutions with an increase in the degree of their institutionalization. The necessity of formation and global redistribution of financial resources in order to facilitate the double transition of the most vulnerable countries and prevent new imbalances, as well as the expediency of developing a system for early detection of the impending crisis and triggers for the inclusion of preventive anti-crisis financial assistance programs for developing countries are substantiated.

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