Financial sovereignty of the state as a subject of international financial law in the situation of economic globalization
Journal Title: Альманах міжнародного права - Year 2018, Vol 19, Issue
Abstract
The financial sovereignty of the state is an integral part of its internal sovereignty – the right to choose independently the model of the national financial system as well as external sovereignty – the right to establish international financial relations with other subjects of international law. The analysis of the Declaration on the Establishment of a New International Economic Order of 1974 and the Charter of Economic Rights and Duties of States of 1974 gives grounds for determining the basic principles which form the legal basis for the international financial order: 1) sovereign equality of states in the international financial relations; 2) cooperation of states in the financial sector on the basis of equity; 3) full and effective participation of all states on the basis of equality in solving world financial problems in the interests of all countries; 4) each state has the right to choose the national financial system that it deems most appropriate for its development and should not be the subject to any kind of discrimination; 5) full inherent sovereignty of each state over its financial resources. Delegating international financial institutions, the right to make binding decisions for states in the field of finance to maintain the safe functioning of the world financial system and national systems of states is not a limitation of the financial sovereignty of the state. States do not restrict their sovereignty by transmitting part of their competence in the financial sector to international organizations but realize their sovereign right to enter voluntarily into international financial agreements with other subjects of international law in their own interest and at their own discretion. Such self-limitation of sovereign powers in the financial sphere has the following characteristics: 1) it is carried out voluntarily; 2) it can be terminated at any moment; 3) the state remains authorized in this field; 4) it is carried out in the financial interests of the state, etc.
Authors and Affiliations
О. Р. ВАЙЦЕХОВСЬКА
Keywords
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