My suggestion then is that a Global Clearing House ('GCH') is formed to minimise Counter Party Risks. The GCH Clears ALL transactions around the World by guaranteeing the respective counterparty transaction.
The Country based members of the GCH are responsible for their country's Banks. Because the Country is guaranteeing their Bank's risk then they are responsible for the rating (analysis) of the strength of the respective Bank's Balance Sheet.
The Bank if endorsed by the Country are endorsed by the GCH and as such confidence boils down to the Country and not to the individual Bank. If the contract fails the Country's treasury is responsible for the payment of debt (lender of responsibility).
Any Country is allowed to be a member and it is the members themselves whom determine Soverign Risk. Foreign owned corporations are domiciled for risk.
The member Countries whom have determined Soverign Risk are responsible for each member if it defaults (World Lender of Last Resort).
Developing Nations could participate as well through acceptance by IMF / World Bank and support from other members. This would assist in the economies of developing nations to contribute to World Trade.