МОНЕТАРНИ СУВЕРЕНИТЕТ У УСЛОВИМА ГЛОБАЛИЗОВАНИХ ЕКОНОМСКИХ И ФИНАНСИЈСКИХ ОДНОСА
MONETARY SOVEREIGNTY IN CONDITIONS OF GLOBALISED ECONOMIC AND FINANCIAL RELATIONS

Summary/Abstract: The subject matter of analysis in this paper is to examine the concept of monetary sovereignty in conditions of globalised economic and financial relations. In this context, the first part of the paper deals with on the concept of monetary sovereignty, its components, principles of monetary law that determine its scope, as well as its implications on the monetary stability of the economic system which is increasingly gaining the characteristics of a pure public good. The second part of paper points to the tendency of limiting certain components of monetary sovereignty, which states either consent or do not consent to when joining the EMU membership. As for the European Economic and Monetary Union (EMU), it is most evident in the impact of the global debt crisis and new institutional models of macroeconomic management on redefining the postulates international monetary law as well as on different understanding of monetary sovereignty in legal practice. In particular, the author analyzes the role of the European Central Bank and the International Monetary Fund on the monetary sovereignty of EU Member States, exploring the mechanisms for resolving disputes involving the conflicts of national monetary jurisdiction in case of absence of public international law norm which would prevent its ex-territorial dimension of the dispute resolution mechanism. In the author’s opinion, the reglementation of such a standard is a conditio sine qua non of monetary stability, particularly considering the fact that in conditions of globalised monetary flows the national monetary law cannot offer an adequate conflict rule (collision norm).

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