The global financial crisis and Great Recession prompted renewed discourse on the architecture of the global financial system. These events called to attention financial integration, inadequacies of global governance, and the emergent systemic risks of financial globalization. Since the establishment in 1945 of a formal international monetary system with the IMF empowered as its guardian, the world has undergone extensive changes politically and economically. This has fundamentally altered the paradigm in which international financial institutions operate, increasing the complexities of the IMF and World Bank's mandates. The lack of adherence to a formal monetary system has created a void of global constraints on national macroeconomic policies and a deficit of rule-based governance of financial activities. French economist and Executive Director of the World Economic Forum's Reinventing Bretton Woods Committee, Marc Uzan, has pointed out that some radical proposals such as a "global central bank or a world financial authority" have been deemed impractical, leading to further consideration of medium-term efforts to improve transparency and disclosure, strengthen emerging market financial climates, bolster prudential regulatory environments in advanced nations, and better moderate capital account liberalization and exchange rate regime selection in emerging markets. He has also drawn attention to calls for increased participation from the private sector in the management of financial crises and the augmenting of multilateral institutions' resources.