International Legal Regulation of Interaction Between Regional Financial Mechanism and International Financial Organizations

The article is devoted to the international legal regulation of the regional financial mechanisms’ interaction with other international financial organizations. The topic itself is extensive, and therefore its scope is reduced to a number of currency associations, as it allows one to identify the features of such regulation. This work also focuses on the inter-state cooperation within the BRICS, takes into account the international agreements adopted by BRICS states and reveals the interaction between the BRICS, IMF and regional organizations. Methodologically the article is based on the analysis of international legal acts, a comparative analysis of regional agreements and a synthesis of analysed acts. The latter reveals the main structural features of international legal regulation of the modern world monetary and financial system. The conclusions show that international legal regulation of the regional financial organizations’ interaction with universal and other global organizations is controversial. The fixed peg arrangements in the IMF Articles of Agreements illuminates that the leading emerging economies’ (the BRICS states) currencies are benchmarks for other states, which are parties to regional agreements signed by any BRICS states.