Monetary law

A set of legal norms that determine the currency in which the amount of public debt is denominated.

Monetary sovereignty

An integral element of political sovereignty by which the state determines what will have the function of money in a society.

Monetary management

A specific segment of state management, ie public management of the state, due to which private monetary operations in which commercial banks and entrepreneurs participate are not the subject of interest in monetary law.

Monetary order

A segment of the state order which regulates the issues of defining, using, and disposing of money.

Lex monetae

The right of a state or group of states that have a common currency to define or redefine the currency unit and to determine the exchange rate between the new and the old currency unit.

Lex contractus

The principle of legal continuity that implies the free will of the contracting parties to conclude a particular contract.

Lex monetae cudenate

The right to issue coins and paper money, which is the basic and primary monetary prerogative, whose holder is the central bank, which has a monopoly position in issuing money.

Erosion of monetary sovereignty

The tendency of weakening of state monetary prerogatives in monetary unions.

Monetary norm

A special form of the legal norm that regulates social relations with the monetary element in the broadest sense of the word.

International monetary system

The totality of transactions between monetary authorities in the form of international agreements.

International monetary law

A set of legal norms that regulate the manner of implementation and provide judicial protection to state monetary prerogatives in an international environment understood in the broadest sense of the word.

European Economic and Monetary Union

A process of coordination, ie full harmonization of monetary policies of EU member states, which ended with the introduction of the euro as a single currency.

Monetary policy

A subsystem of general economic policy that includes a set of measures and instruments that regulate the money supply in circulation and direct cash flows.

European Stabilization Mechanism

A coordination instrument applied in the field of general economic policy and includes the issuance of debt instruments for financing loans and other forms of financial assistance to euro area members.

Monetary strategy

The totality of actions (measures and instruments of monetary policy), which are in the function of achieving its goals.

European Central Bank

The supreme monetary institution of the EU.

European System of Central Banks

The most important institution of EMU composed of the European Central Bank and the national central banks of the member states.

Eurosystem

Contractual arrangements between the European Central Bank and the central banks of the member states that have adopted the euro.

European Semester

The process of harmonizing the economic policies of EU member states in a six- digit period.

Monetary jurisdiction

The jurisdiction of the court to resolve monetary disputes.

Monetary stability

A form of mixed public good provided and guaranteed by the subjects of monetary law.

New economic governance in EMU

A concept based on redefining the functioning of EMU on the principle of reaching broad consensus of different content and specific legal nature.

Monetary rights

A special category of socio- economic rights of citizens (monetary users) which are reflected in the right to a stable, solid, and healthy currency of the state on whose territory the monetary prerogatives are realized.

Monetary beneficiary

A citizen living within the territory in which the state exercises its monetary prerogatives.

Fiscal rules

Restrictions on the amount of public debt and budget deficit determined by the constitution or law.

Banking Union

An expression of the deepened centralization of banking policy in the EU, which takes place under the auspices of the European Council.

Single Supervisory Mechanism

The first pillar of the Banking Union, which includes enhanced supervision of the banking sector, strengthening the stability of banks, and contributing to the financial integration of the single market.

Single resolution mechanism

The second pillar of the banking union, which refers to the creation of conditions for an orderly bankruptcy of banks with minimal costs for taxpayers and the economy.

Single Guarantee Fund

The aim of this agreement is to create conditions for an orderly bankruptcy of banks with minimal costs for taxpayers and the economy.

Fiscal Union

In a narrower sense is based on the adoption of a single EU budget (whose structure emphasizes the importance and use of transfer social expenditures), while the Fiscal Union in a broader sense includes the concept of a banking union and extensive interpretation of the European Central Bank's mandate.

Monetary union

A common monetary system of several independent states with a single currency issued by a single central bank.

Monetary and banking finance

Refers to the cash flows and activities of the central bank, banks, and other financial intermediaries.

Monetary disputes

A special type of administrative dispute in which there is a full implementation of the active and passive implementation of the procedural legitimacy of central banks and public debt management agencies.

Fiscal disputes

Litigation initiated due to non-compliance with fiscal rules.

Debt monetization

Lending to government debt by printing money by the central bank.

Monetary architecture

A set of international monetary standards governing the international monetary order.

Ideal currency unit

A currency whose value does not depend on the value of a particular object in the real world and which as such is "dematerialized".

Eurocurrency

The single European currency (euro) which is the highest expression of the centralization of monetary policy at the EU level.

Monetary law factual situation

A specific legal economic factual situation, the realization of which is initio monetary law relationship.

European Banking Authority

A coordination mechanism for the initial harmonization of common rules for the operation of banks and technical standards for their effective implementation.

Aggregation clause

A clause that allows the creditors with the largest share to change the terms of bonds (in terms of debt restructuring), whereby this clause also binds minority creditors.

ECOFIN

Committee of the European Commission for Monetary and Financial Affairs.

OMT program

Measures of the European Central Bank for the purchase of bonds on the secondary financial market.

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