A. Gupta’s scientific contributions

Purpose – The purpose for writing the paper is to emphasize the need for global banking reforms so as to prevent future economics crisis. Design/methodology/approach – The methodology followed is based on literature review and secondary data. Findings – This was found that banking crisis can be prevented in future by the following methods such as regulating systemic risk; separating proprietary trade; information transparency; creating a robust and resilient financial system etc. Practical implications – The creation of a new systemic risk regulator, either at the national or international level would be helpful if it could warn about the major existing systemic risks, including the exploding debt, central banks' balance sheet, and the bailout mentality. The groups such as the Financial Stability Board, working along with the IMF and G20, are better suited to that role. Originality/value – In the wake of the crisis, policymakers around the world are looking for ways to fix the international financial system. The paper emphasizes that we have to move towards a planetary governance structure – for the safety of the financial system. Reform of financial regulation needs clearly to be in order. It is essential with the objective of supporting global economic recovery and putting the economy back on track to sustainable growth.