O.A. Stepanov, D. Pechegin

Protecting National Economy:Modern Issues of Currency Regulation

2017. No. 4. P. 83–96 [issue contents]
At the international level, uncertainty still remains over the issues of currency and legal responsibility,which is largely due to various legal regulations. Beginning with 2018, the European Union will bringinto force new rules for calculating the liquidity of banks and the ratio of borrowed funds and assetsthat change its monetary policy. Not everyone is happy with the new rules. Several large Frenchbanks even have appealed to the European Court of Justice for a change in the rules. According tostatements by financial analysts, the European Central Bank is on the verge of abandoning the ultrasoftmonetary policy in the direction of neutral and is further preparing for tightening it. In most cases,companies that carry out foreign economic activity violate currency legislation. At the same time, civilmeasures may not be sufficient to protect the normal functioning and development of the domesticforeign exchange market. For this reason, the laws of the Russian Federation provide for liabilityfor non-repatriation of funds. However, not all countries today establish this kind of responsibility.Meanwhile, due to the revival of the idea of private money in the form of cryptocurrencies andother modern monetary surrogates the question of how to protect the national economy in modernconditions requires separate analysis. Therefore, the urgency of searching for common approachesto currency regulation is growing. The subject of the paper is a monetary system and monetaryrelations from the point of view of analyzing contemporary problems of ensuring its stability,including criminal legal means. The purpose of such an analysis is to show clearly which mechanismsof protection of the domestic foreign exchange market are being applied at present and with whatproblems the monetary system is facing today. The article is prepared on the basis of the technicalanalysis of legal norms, the comparative legal method, the method of system analysis, the formallogical method. According to the authors, such an analysis would contribute to a uniform approachto the problem, without which it will be extremely difficult to achieve success. It is concluded that inview of new challenges in the world economy and the emergence of the crypto currency, it is nownecessary to rethink the phenomenon of currency crimes, to study the experience of combatingmonetary crimes in other countries and to assess the overall mechanisms.
Citation: Stepanov O., Pechegin D. (2017) Zashchita natsional'noy ekonomiki: sovremennye problemy valyutnogo regulirovaniya [Protecting National Economy:Modern Issues of Currency Regulation]. Pravo. Zhurnal Vysshey shkoly ekonomiki, no 4, pp. 83-96 (in Russian)
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