The aim of this article was to explain development of paradiplomacy and describe the most important factors influencing its shape and form. Paradiplomacy is seen as a concept oft en used to describe international action of regions or entities of federal systems. Paradiplomacy in broad sense refers to international action by non-central governments. Intuitive predictions suggest further development of paradiplomacy as a sign of regions empowerment. Contrary to that, last research show that devolution of power inside the state does not correlate with increased use of paradiplomacy by regions.

One of the biggest challenges of the modern world is the problem of new models of international system governance under the globalization processes. Given the multidimensional nature of globalization answers to this question have been sought through processes of international negotiations between nation states. However it is increasingly clear that nation-states are unable to effectively steer international system without an involvement of other actors operating on different levels. The article deals with the role played by credit rating agencies in the multilevel governance of financial markets under the globalization processes. There is no doubt that credit rating agencies became an important element of this new model of governance. The idea of multilevel governance has acquired unprecedented importance today. It not only suggests ways of dealing with new conditions of globalization, but is said to be an essential term for understanding the transnational processes and for identifying non-traditional actors involved in governance processes on different levels.