Institutions v. rules: common financial politics implementation mechanism in the European Union

Occupation: Professor, Department of Administrative and Financial Law, Department of Private International and Civil Law of Moscow State Institute (University) of International Relations of Ministry of Foreign Affairs of Russian Federation
Affiliation: Moscow state Institute (University) of International Relations of Ministry of Foreign Affairs of Russian Federation
Address: Russian Federation, Moscow

Ekaterina V. Kudryashova

Occupation: Professor of the Siberian University of Consumer Cooperation (SibUCC)
Affiliation: Siberian University of Consumer Cooperation (SibUCC)
Address: Russian Federation, Novosibirsk

Journal name

Gosudarstvo i pravo

Edition

Issue 1

Pages

92-99

Abstract

The organisational mechanism “institutions v. rules” is considered in the article as an alternative for supranational rules and international treaties within the international unions and integrational entities. On the certain stage of the international regional integration there is a need for common financial policy implemented by the member-states. However, public finance is a sensitive and complicated field for supranational regulation and international treaties. The technology “institutions v. rules” which implies creation of independent financial institutions monitoring and advising on the state’s financial policy can be an alternative for legal norms. The technology “institutions v. rules” is applied in the European Union but still underestimated in the EAEU.

Keywords

public finance governance, independent financial institutions, financial policy, international integration, EU, EAEU, budget, open method of coordination

Received

01.09.2022

Publication date

20.02.2023

Number of characters

22500

Cite

GOST	Shokhin S., Kudryashova E. “Institutions v. rules”: common financial politics implementation mechanism in the European Union // Gosudarstvo i pravo – 2023. – Issue 1 C. 92-99 [Electronic resource]. URL: https://gospravo-journal.ru/S102694520024126-9-1 (circulation date: 29.04.2024). DOI: 10.31857/S102694520024126-9
MLA	Shokhin, Sergey O, Kudryashova, Ekaterina V "“Institutions v. rules”: common financial politics implementation mechanism in the European Union." Gosudarstvo i pravo `1 (2023):92-99. DOI: 10.31857/S102694520024126-9
APA	Shokhin S., Kudryashova E. (2023). “Institutions v. rules”: common financial politics implementation mechanism in the European Union. Gosudarstvo i pravo (`1), pp.92-99 DOI: 10.31857/S102694520024126-9

100 rub.

When subscribing to an article or issue, the user can download PDF, evaluate the publication or contact the author. Need to register.

Number of purchasers: 0, views: 232

Readers community rating: votes 0

1. Bochkareva E.A., Zapolsky S. V., Kozhushko S. V. General theoretical problems of Russian Financial law: a review of scientific research // State and Law. 2020. No. 11. P. 58 - 71 (in Russ.).

2. Gracheva M. Features of the activity of the Independent Budget Council in Germany // Scientific and Analytical Herald of the Institute of Europe of the Russian Academy of Sciences. 2018. No. 2. P. 142–158 (in Russ.).

3. Komissarova Zh. N., Sergeev E.A. Fiscal regulation of the EU and budget consolidation in the Visegrad Group countries // Herald of MGIMO University. 2019. No. 3 (66). P. 131–158 (in Russ.).

4. Kudryashova E.V. The Central Bank of the Russian Federation in the system of strategic planning of Russia // Banking Law. 2017. No. 1. P. 20 - 24 (in Russ.).

5. Ledneva Yu. V. Taking into account the fiscal interests of the state when optimizing the tax regime for attracting investments // Journal of Russian law. 2020. No. 7. P. 144 - 157 (in Russ.).

6. Povetkina N.A. Financial stability of the Russian Federation. Legal doctrine and practice of provision. M., 2016 (in Russ.).

7. Povetkina N.A., Meitardjian D.A. “Independent fiscal institution” in the mechanism of ensuring financial stability of the state // Journal of Foreign Legislation and comparative Jurisprudence. 2018. No. 3 (70). P. 113–117 (in Russ.).

8. Pogorelskaya S.V. The Lisbon Treaty: problems of political consolidation of the EU // World Economy and International Relations. 2010. No. 7. P. 40–54 (in Russ.).

9. Sorbale A.B. Power and authority in the European Union: “Kings of the mountain” and “grand coalitions” // Political Science. 2019. № 3. P. 200–221 (in Russ.).

10. Tokareva E.V. “Open method of coordination” — a new management model in the EU // Herald of the Perm University. Ser.: Political Science. 2010. No. 3. P. 110 - 121 (in Russ.).

11. Shokhin S.O. A new stage in the development of financial control // Lawyer. 2013. No. 19. P. 32 - 36 (in Russ.).

12. Shokhin S.O., Kudryashova E.V. Feedback - an acute problem of legal regulation of public finance // Law enforcement. 2020. Vol. 4. No. 4. P. 35–45 (in Russ.).

13. Adler-Nissen R. Opting out of the European Union: diplomacy, sovereignty and European integration. Cambridge, 2014.

14. Beetsma R, Debrun X, Xiangming F. et. al. Independent Fiscal Councils: Recent Trends and Performance. IMF Working Paper WP 18/68 2018.

15. Haan J., Berger H., Jansen D. (2004) Why has the Stability and Growth Pact Failed? // International Finance. 2004. Vol. 7. No. 2. P. 235 - 260.

16. Halffman W. Measuring the Stakes: The Dutch Planning Bureaus in: Lentsch J., Weingart P. Scientific Advice to Policy Making: International Comparison. Opladen, 2009.

17. Horvath M. (2018) EU Independent Fiscal Institutions: An Assessment of Potential Effectiveness // Journal of Common Market Studies. Vol. 56. No 3. P. 504 - 519.

18. Kasyanov R., Kriger A. (2020) Towards Single Market in Financial Services: Highlights of the EU and the EAEU Financial Markets Regulation // Russian Law Journal. Vol. 8. No. 1. P. 111 - 137.

19. Koptis G. (ed) Rules-Based Fiscal Policy in Emerging Markets. Procyclicality of Financial Systems in Asia. Palgrave Macmillan. London, 2004.

20. Larch M., Braendle T. (2018) Independent Fiscal Council: Neglected Siblings of Independent Central Banks? An EU prospective // Journal of Common Market Studies. No. 56 (2). P. 267–283.

21. Leith C. (2005) Fiscal Stabilization Policy and Fiscal Institutions. Oxford Review of Economic Policy. Vol. 21. No. 4. P. 584–597.

22. Schick A. Fiscal Institutions versus Political Will. In: Kopits G.(eds.) Rules-Based Fiscal Policy in Emerging Markets. Procyclicality of Financial Systems in Asia. Palgrave Macmillan. London, 2004.

23. Shashkova A.V. Regulating principles of disclosure of information to shareholders under G20 / OECD principles / K.S. Soliman, Proceedings of the 33rd International Business Information Management Association Conference. IBIMA 2019. P. 1931 - 1936.

24. Wyplosz C. ‘Fiscal Policy: Institutions Versus Rules’ // National Institute Economic Review. 2005. No. 19. P. 64–78.