We describe and analyse a model of three-dimensional time-varying reconnection in which the effect of surface waves is neglected. Reconnection is assumed to be caused by a localized decrease of the plasma conductivity inside the diffusion region. The localized dissipation gives rise to an electric field E*, which determines the reconnection rate. As a result, the current sheet decays into a system of large-amplitude MHD waves, which propagate along the current sheet and thereby induce perturbations in the surrounding medium. Our model is applied to the case of reconnection at the magnetopause, in particular to the signatures referred to as FTEs (flux transfer events).