Правові стандарти Європейського Союзу в сфері валютного контролю / Legal Standards of the European Union in the Field of Currency Control
Journal Title: Журнал східноєвропейського права - Year 2018, Vol 54, Issue
Abstract
The article examines European standards for the implementation of currency control, reveals the content of the principle of free movement of capital as a fundamental part of the liberalization of currency regulation in Ukraine. The general characteristics of the principle of free movement of capital, which are the basic "marker" in the part of the liberalization of currency regulation in Ukraine, are mentioned. It is determined that free movement of capital is the use of restrictive (protective) measures by the state. The articles of the Agreement of the International Monetary Fund dated July 22, 1944 are analyzed in the context of the right of the member states to apply also the control measures that are necessary to regulate the international capital movement. Characterized by the liberalization of currency control in European countries after the entry into force of the Treaty establishing the European Community. Examples of transformation of the legal relations of currency control of some European Union countries are presented. It is noted that since the Second World War until the 1970's in France, the currency control policy was rigid and multi-stage, with the involvement of the Central Bank, commercial banks and customs authorities, and since the 1970s, the liberalization of foreign exchange controls began. One of the most rigorous systems of currency control in Europe was considered to be Italian. Since 1917, the main body of currency control in Italy was the National Institutes of Currency Operations. The history of the formation of the currency control system in Great Britain began in 1939 when the Defense Forces were adopted. In the postwar period, 1947, the Law on Currency Regulation was approved, but this was not the only act that regulated foreign exchange control. Foreign exchange controls should not be comprehensive and prevent or restrict free movement of capital, but on the other hand, it can be strengthened if there is a threat to the national security of a Member State (which includes both financial security and economic).
Authors and Affiliations
Roman Leshchenko, Anzhela Zaika
Keywords
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