Objective conditionality of the process of constitutionalization of public finances.

Abstract

The article examines the influence of constitutional provisions on the legal regulation of public finances. It is emphasized that legal regulation of public finances is an integral part of the economic foundations of the constitutional order, therefore they need constitutional enshrinement. It is stated that the basic principles of the financial system should be enshrined in the act of the supreme legal force. These constitutional principles are mainly intended for the legislator as by their legal nature they define the limits of the legislation, restrict the freedom of the state in its relations with a private entity. They create financial and economic conditions for the implementation of the basic principles of the constitutional order, ensure the stability of financial legislation, promote the realization of the constitutional rights and freedoms of man and of the citizen (first and foremost, the social and economic ones). That is why it is no coincidence that special attention is paid to public finances in the constitutions of many states. The existence of constitutional principles and norms with the supreme legal force in the system of legal regulation of public finances is of fundamental importance in view of the stability of such regulation. They, so to speak, deprive the legislature of the right of resolving arbitrarily, at the level of current legislation, the most important issues of the financial system that have been resolved at the constitutional level. It is concluded that the main purpose of the constitutional foundations of legal regulation of public finances is to restrict some freedom. At the constitutional level, they prevent financial arbitrariness. From this viewpoint, the constitutional nature of financial law institutions is concentrated in the form of a search for a balance of political power and economic freedom, public and private interests in legal regulation of public finances. That is, what is at issue is the constitutionalization of public relations constituting the subject of the legal regulation of public finances and, therefore, the constitutional nature of the financial law institutions themselves. Hence, the legal regulation of public finances is an integral part of the economic foundations of the constitutional order and therefore requires constitutional enshrinement. In addition, domestic financial law needs a major reform, especially towards bringing it closer to the modern continental European standard, to the European constitutional level.