Financial crisis of 2008 2010 as a phase of the global economic cycle

The paper considers modern financial and economic crisis in a global aspect. Global character of the economic crisis is manifested in all levels of the world economic system cross-border, country specific, regional, municipal, corporate, households and personal. In the context of globalisation international financial stability becomes the major public good which is beyond the national goals and interests. Therefore, it is necessary to put joint efforts in developing common understanding of advantages and dangers of integration.