Features of legal regulation of the financial system in the modern world

Abstract

The article is devoted to the study of complex system analysis of the current state of the financial system and its elements. The current national financial legislation, by-laws and experience of forming the financial system in the European Union are considered. It is noted that the development and implementation of financial policy, the organization of sustainable and stable money circulation in the country is one of the important activities of the state. That is why the issue of the financial system has always, one way or another, been reflected in the constitutions, ie it was and remains one of the objects of legal regulation. As the world economy developed, the relevance and comprehensiveness of its legal regulation gradually increased, growing both in depth and breadth: on the one hand, the number of financial institutions and relations governed by the constitution and other sources of constitutional law increases, and on the other such regulation. In order to understand the points of contact between law and the financial system, the reasons, content and aspects of its legal regulation, it is necessary to try to formulate a general concept of finance and the financial system of the state and its structure. Only on the basis of the analysis of the essence and correlation of the named phenomena it is possible to determine the place and significance of finance in law. There is currently an urgent need for major legal changes regulation of financial and economic relations. Modern financial transformations have covered a wide range of public relations, as evidenced by changes in tax, budget, currency, insurance legislation, banking and credit reforms. However, the reality shows that the improvement of all management systems is taking place in a crisis caused by Russia’s military intervention in Ukraine’s internal affairs, in connection with which the need to use the experience of the European Union is particularly acute. This applies not only to fiscal policy, but also, in particular, issues of taxation, banking, building an effective financial management system, creating an effective structure of financial authorities.