REGULATORY COMPETENCIES OF THE INTERNATIONAL MONETARY FUND IN THE SYSTEM OF GLOBAL FINANCIAL MANAGEMENT

Abstract

The subject of the analysis in the paper is the assessment of the importance of the regulatory competencies of the International Monetary Fund (IMF) in the system of global financial management. In this context, the first part of the paper points out the organizational structure and competence of the IMF in the creation of the international monetary system, while the second part of the paper summarizes the legal framework of its jurisdiction with an emphasis on determining the terms of conditionality, (as the monetary legal category), the conditionality policy procedure implementation and the legal nature of special drawing rights. The subject of the author’s special attention is the scope of work of special institutions of the IMF, which, with their activities in the circumstances of globalized economic and financial relations, as well as the consequences of the debt and now pandemic crises, have a significant impact not only on maintaining monetary stability as a public good but also on the protection of human rights to which IMF financial support programs have a significant impact. Taking into account the tendency of the expansion of the IMF’s jurisdiction as the main subject of international monetary law and the trend of hybridization embodied in the increasingly frequent mix and implementation of monetary and fiscal policy goals, as well as the complexity and far-reaching influence of its monetary legislation, the author is an opinion that in today’s circumstances, the IMF creates its law, which is established through the process of disintegration from international monetary law, and it should be studied as an independent branch of the legal order.