THE IMPACT OF EUROPEAN INTEGRATION ON THE DEVELOPMENT OF SERBIAN MONETARY LEGISLATION

Abstract

The subject of the paper is the impact of European monetary integration on the formation and development of domestic monetary law, and as its subject of legal regulation. European monetary law is a hybrid branch of law understood as a set of legal norms defining the monetary unit for the denomination of public debt. As such, it represents a good example of flexibility, dynamism, complexity, and the vital importance of the contemporary monetary legislation, the significance and relevance of which, in both academic and practical terms, are reflected in the preservation of monetary stability, as an essential public good, and monetary rights of the monetary citizen, i.e. citizens who live under domestic monetary jurisdiction, to have a stable and sound domestic currency. The impact of European monetary integration is particularly noticeable in the harmonisation of regulations within the competence of the central bank with supranational lex monetae. The same is true for the central bank’s competence to adopt monetary legal rules from acts of secondary monetary legislation defined within the new models of macroeconomic governance in EMU during the debt crisis, which enables the harmonisation of national banking policies at the EU level. Also, the new competencies of the supreme monetary national institution with regards to the aim of maintaining financial stability, its function as the bank of last resort for preventing the financing of terrorism, and competencies related to the fight against financial crimes, confirm the thesis about the evolution of central bank competencies towards common European values and axiology of European monetary legislation. By applying the dogmatic, comparative, and axiological methods, the paper seeks to identify existing differences between domestic and European monetary legal solutions and the achieved de lege results. The paper also offers certain de lege ferenda guidelines for shaping future monetary nomotechnique aimed at providing the optimal and sustainable monetary legal answers to the issues arising in the realm of the law of value.