Hudima T. Economic and legal support of the state's monetary policy implementation, based on the principles of sustainable development.

Thesis in the form of a monograph for the degree of Doctor of Legal Sciences in the specialty 12.00.04 – economic law; economic and procedural law. State Institution «Institute of Economic and Legal Research named after V. K. Mamutov of the National Academy of Sciences of Ukraine», Kyiv, 2020. The thesis is devoted to the substantiation of new theoretical and practical provisions and approaches and the elaboration of the modernized conception of statutory regulation of the State's monetary policy based on the principles of sustainable development. The economic and legal essence of monetary policy is investigated, the need for a substantial update of the legal and economic order as the basis for its (monetary policy) implementation is noted, the goals and principles of the formation of this direction of economic policy are specified. The debatable aspects of the legal status of the National Bank of Ukraine (NBU) as an entity that implements the monetary policy of the state are revealed. In this regard, the use of the institute of delegation of powers as a legal model for defining the central bank as a subject of monetary policy is justified. This will create preconditions for the formation of the legal status of the NBU by the legal methods and tools that currently exist in the legislation and legal theory of Ukraine. Moreover, it is substantiated that the implementation of this proposal will require correlation between special and general rules of economic legislation in the field of delegation of powers, in connection with which it is proposed to amend the Economic Code of Ukraine with a separate legal norm on delegation of powers to some legal entities. Proposals to clarify the mechanism for the realization of legal responsibility of the NBU were reasoned. Thus, an implementation of a new statutory rule is proposed, under the said rule the state is liable and responsible for the performance and activity of NBU within the scope of the delegated powers and authorities in the sphere of monetary policy. At the same time NBU is liable for performance of its obligations and duties related to its own activity as a legal person. The liability of NBU is limited by its assets. The legal model of NBU interaction with other authorities, the judiciary and financial institutions in the process of implementing the monetary policy of the state is analyzed. Particular aspects of the NBU's role in the state forecast of sustainable economic development were studied. It is argued that due to the lack of an effective mechanism for implementing such form of government as forecasting and planning, the state does not take into account the significance of remittances from abroad, which currently significantly exceed direct investment and may pose a threat to sustainable economic development. The peculiarities of economic strategy and tactics in the process of formation and implementation of monetary policy in the crisis period, as well as forecasting the impact of digital currency on the implementation of this policy are revealed. The provision on the expediency of changing the priorities of the NBU functions during the crisis period is argued. In particular, it is proved that during the crisis, the NBU should primarily promote financial stability, including the stability of the banking system. It is reasoned that the NBU shall decide which tasks and duties shall be prioritized under particular economic circumstances and in order to achieve certain economic results in the future. The choice of priorities shall be economically justified and it shall be published in the reports on NBU performance. Peculiarities of interaction of macroprudential and monetary policy of the state in the context of sustainable development are analyzed. The ecological and social determinants of the realization of the latter are investigated. Conceptual approaches to the modernization of the legal regulation of monetary and macro-prudential policy of the state on the basis of sustainable development are proposed in the following main areas: 1) promoting institutional transformation in the financial system of the country; 2) stimulating financial investment into environmentally friendly, low-carbon production; 3) creating a system for managing environmental, climate and social risks, assessing their impact on financial stability, as well as the development and implementation of monetary and macroprudential policy measures aimed at mitigating and preventing the mentioned risks; 4) stimulating the disclosure of information related to environmental, climate and social risks in the field of banking and financial services; 5) ensuring the circulation of funds on the basis of the principle of social justice.