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Паричен суверенитет
Monetary Sovereignty

Author(s): Boyan Kamenov
Subject(s): Law, Constitution, Jurisprudence, Constitutional Law
Published by: Софийски университет »Св. Климент Охридски«
Keywords: monetary sovereignty; monetary union, central bank; regionalization; currency; sovereignty powers; delegation; self-restriction; joint exercise; control

Summary/Abstract: The article presents the essence of monetary sovereignty, its historical development and contemporary condition, the function and the practical importance of the exercise thereof in the process of judicial, political and economic management. The philosophical framework of the study is the correspondence dispute between Karl Schmidt and Hans Kelsen on the so-called ‘problem of sovereignty’ within the context of the positivist and utilitarian ideas of J.St. Mill. On the basis of the relationship between monetary sovereignty and State sovereignty, the so-called ‘regionalization of sovereignty’ is substantiated. An assessment is made of the means of protection of the sovereign against unfounded delegation and arguments are presented regarding the reversibility of delegation as a counterpoise to a proven change in the sovereignty holder. A critical analysis is conducted of the dispute on the priority of supra-national legal order over the national constitutional order. The central bank is examined not only as a modern example of effective separation of powers and a holder of monetary sovereignty, but also in connection with the issuance of currency notes and coins, and with the banking, taxation and fiscal policy favouring the economic growth and the security of civil law relationships, which complements the notion of monetary sovereignty as an event of a systematic nature.

  • Issue Year: 2020
  • Issue No: 4
  • Page Range: 53-73
  • Page Count: 21
  • Language: Bulgarian