Importance of an Integrated Global Financial System (Essay Sample)

Integration of the global financial system
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Integration of the global financial system
Introduction
Every country needs a financial system to process transactions both locally and internationally. Financial systems are the systems through which transactions are made and financial decisions determined. The global financial system has enabled the integration of economies worldwide and the rise of a robust financial system. The integration involved having currency exchange rates tallying, allowing trade and exchange of ideas and the general outlook of the society giving it a realistic way to handle and showcase its power in the global financial space, the economic capability of any country is determined by its financial system. In this essay, we will highlight the advantages of global integration of the financial systems and the disadvantages bearing in mind globalization being inevitable for countries currently.
The medium of exchange for many capitalistic economies is money and there is a need for a financial system to determine this. Globalization came about to unite countries globally and open up avenues for trade, exchange of technology and economic empowerment of developing countries (Cunha, Haines and Da Silva, 2019). In 2010, the world economic report cited that economies were struggling after the huge financial crisis of 2008 but the trends in globalisation were improving. Technology has just started to take off and the monetary gains were seen daily. The important aspects of the financial