Financial Sovereignty of the State: Issues of Current Legal Content

Using an integrative approach, the author examines the complex nature of financial sovereignty of the state, emphasizing its political, economic, and legal dimensions as a social phenomenon. Financial sovereignty manifests differently in different spheres of social relations, which allows for the identification of its distinct features within the financial domain. This specific manifestation is referred to as “financial sovereignty.” By considering the historical evolution of state sovereignty and applying an interdisciplinary perspective, the author conceptualizes financial sovereignty as a polysemic legal phenomenon: it serves as a characteristic of the legal status of the state as an object of legal regulation, and as a comprehensive legal institution uniting norms from various branches of law, including financial law. A key direction for the development of financial law doctrine and legislation involves defining and codifying the substantive foundations of financial sovereignty and establishing its content in the form of a registry of the state’s sovereign rights and obligations in the financial sphere. To this end, the financial system of the state should be viewed broadly, encompassing the organizational relationships that facilitate payment and settlement operations between monetary funds belonging to both private and public entities. This is achieved through payment and settlement infrastructure the object of which is money in its various forms (cash, non-cash, and digital moneys). The subjects of the infrastructure include both the owners of monetary funds and the operators (owners) of the payment and settlement infrastructure. The author proposes structuring the sovereign rights and obligations in the financial sector using the theory of positive obligations. This approach enables the formulation of directions for the development of national legislation and international law.

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