Financial power: concept and system of organs

Abstract

The introduction of an unprecedented number of international sanctions against the economy of the Russian Federation has led to the need to update the understanding of the term “financial power”, since it is precisely the actions of this branch of government that are currently in the focus of public and professional attention. In the work, the author analyzes the approaches to understanding this term that have developed in Russian legal science and suggests the author’s approach. As a result of the conducted research, the concept of financial power is formulated as a system of authorities, including national central banks or other bodies performing similar functions as functional bodies of the specified branch of government, executive authorities, whose activities are related to the achievement of the goals facing the functional bodies of financial power, representative authorities in terms of their adoption of appropriate legislation. legislation, as well as other authorities, the activities of which can significantly affect the achievement of the objectives of the functional financial authority. The key condition for successful interaction of these bodies, according to the author, is the definition of a system of their relationships, involving strengthening or clarifying the role of the national central bank (using the example of the Russian Federation), which implies the definition of government decisions requiring coordination with the national central bank, as well as the mandatory acquisition of the position of the national central bank by other authorities in cases where decisions and actions of relevant authorities can significantly affect the achievement of goals, assigned to the functional financial authorities.

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