Öz In this study, the reasons of financial crises, reforms needed for international financial system, policy choicies for crises are discussed. Therefore, the reconstruction of financial system and main factors causing crises are examined. The consequences of recent developments are studied within the framework of the role of IMF and World Bank, the controlling of markets, capital movements, implemented exchange regime, policies of Central Banks. Moreover, alternative suggestions in the literature regarding problems of banking sector and reasons of crises are mentioned.