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We present a broad agenda for meaningful banking regulation reform aiming thecreation of evolutive competitive environment to maximize the effectiveness ofinternational financial system through the introduction of fair competitionprocess among the banks in free market capitalism. We assume that theinternational financial system may evolve or decline within the evolutivecompetitive environment depending on both the environmental regulation policiesas well as the competition between the banks. We present the commonly knowndefinition of competition and apply the conceptual collateral thinking toidentify the source of competitive strengths of financial institutions in freemarket capitalism. We explore how the banks conduct a search for competitivestrategies. We show that the root cause of crisis in finances is hidden in thevery wrong regulation policies and ideas behind these policies, which failed tocreate the evolutive competitive environment for effective, profitable,responsible and sustainable bank operation within existing internationalfinancial system. We review a number of initiatives on meaningful bankingregulation reform proposed by central bankers from the G20 nations. We proposeto introduce the Random Tax and the Quantum Tax. We argue that the introductionof the Random Tax and the Quantum Tax may compensate for the negative effectscommonly associated with the existing banking regulation limitations imposed onthe international financial system. We believe that the Random Tax and theQuantum Tax will improve the evolutive competitive environment and make itpossible for the management teams at financial institutions to search for andto execute the winning virtuous business strategies toward the effective,profitable, responsible and sustainable banks operation.

Designing the new architecture of international financial system in era of great changes by globalization