Legal regulation of international monetary relations is a necessary condition for maintaining monetary stability, both at the national and international levels. In the conditions of globalized capital flows, the effects of monetary instability embodied in the undermining of the authority of monetary jurisdiction, the collapse of the monetary system, and the relativization of the functions of monetary (state) management, are not territorially limited only to the area within the scope of the specific monetary legislation but spill over to other states that are not affected. they must be geographically close but can represent their foreign trade partners. The reason for the spillover of monetary instability lies in the fact that all monetary jurisdictions inevitably participate (either directly or indirectly with varying degrees of intensity) in the creation of the international monetary order, the fundamental principle of which is the preservation of monetary balance as a basic component and prerequisite for general economic stability.

The contribution of states in the implementation of the aforementioned principle can differ from one another depending on the level of development of monetary awareness, as well as solutions in positive monetary legislation, which must be regulated by special monetary legal regulations outside the branch of private (civil law), which normally happened in the period when monetary integration they were not so pronounced. Monetary legal regulations represent sui generis legal sources, whose object of social protection as a specific legal subject is determined by the need for optimal regulation, management, and protection of relations in which monetary agents (public legal entities) participate.

The specificity of monetary legal norms is conditioned, among other things, by the sophisticated authority of monetary institutions that participate in their creation and implementation. At the national level of monetary management, these are central banks, audit institutions (organized as judicial or administrative), and public debt management agencies, as well as other subjects of monetary policy that participate as participants in monetary procedures. At the international level, the primary subjects are the International Monetary Fund and the European Central Bank, which with their jurisdiction ratione materiae not only apply existing monetary norms, but also create their law that exists within the international monetary legal corpus relatively independently of Community law. This confirms the fact about the process of disintegration of international monetary law, which has reached a high level of development sufficient to enable the start of the process of disintegration, and thus we can talk about the law of the IMF, the law of the ECB, and the like. Certainly, the World Bank and the Bank for International Settlements have an indisputable influence on the development of monetary flows, but their ratio of action is not limited only to the monetary operations of public law collectives (states or monetary unions), but is much broader, which is why they have secondary importance in the field of legal regulation. external effects of intervalular relations.The International Monetary Fund is the actor primus in preserving the assets and improving the international monetary order. This task is fulfilled by promoting international monetary cooperation, which from an abstract category becomes very concrete, which is made possible by the derogation and abrogation of existing monetary legal solutions. Although the International Monetary Fund occupies a central place in the global financial architecture, its main task is to achieve monetary stability, because it is primarily a monetary (not financial) institution, which in practice is lost from sight. Regardless of the importance of preserving monetary stability, when approving financial support programs, it is necessary to pay attention to the concept of enjoying and protecting human rights (especially economic and social ones that directly affect the living standards of the population). In the conditions of the global financial crisis, it became clear that it is necessary to carry out certain qualitative changes in its competence in terms of reforming the existing institutions that operate under it in order to create an optimal monetary instrument that can predict, control and minimize the consequences of future crises, both in the member states of the Fund, as well as those who want to become one. Such reforms are in the function of confirming and strengthening the credibility of the Fund, more transparency of its work, as well as familiarizing citizens with the nature and purpose of the monetary prerogatives of its members.

The process of creating a global economic system has fundamentally changed the way monetary sovereignty is realized in practice, which is a prerequisite for the full realization of fiscal and financial sovereignty, given that it first developed in Roman law (and before the actual formulation of the concept of state sovereignty, of which it is a constitutive element). Although critics point out that the creation of modern monetary unions led to the narrowing of significant components of monetary sovereignty, especially in the part of the lex monetae, we believe that it is only a matter of adapting the monetary rights of the state to complex economic circumstances and business environment in which it is better for monetary sovereignty to become supranational rather than national ( i.e. cooperative) for the sake of protecting the principles of lex contractus and lex monetae.

The process of evolution of international monetary law, and especially of its key institutions such as monetary sovereignty, is best illustrated by the current structure of monetary law of the European Union. Namely, in the conditions of the debt crisis, member states have become particularly aware of the importance that the legal concept of economic policy coordination has on the normative and economic efficiency of monetary solutions. Also, the primary sources of monetary legislation, due to their rigidity and difficult amendment procedure, in a certain sense became a relic of the traditional settings of economic integration and therefore had to be supplemented by the provisions of secondary legislation embodied in new institutional models of economic management such as the European Semester, the Agreement on the Constitution of the European Stabilization Mechanism and the Fiscal Agreement, which also initiated disputes before the European Court of Justice. The actions of the supreme court in fiscal disputes (related to the application of fiscal rules) and monetary disputes (in which there was a full realization of the active and passive procedural legitimation of the European Central Bank) indicated the necessary need for the education of judges and the acquisition of specialized knowledge in the field of monetary law. The role of soft law in the optimal regulation of monetary relations is crucial because it balances between extremely dynamic monetary events that require the intervention of public authorities, on the one hand, and insufficiently adaptable primary monetary legal sources, whose slow and complicated change potentially threatens to deepen the external time-lag into the part concerning the desired result, on the other hand. This does not mean that secondary legal sources are in a conflicting relationship with primary ones, because we must not forget that primary legal sources are the conditio sine qua non of determining the monetary order and its legality and legitimacy, but the hybrid character of monetary law in certain circumstances may also give priority to the precedents presented in secondary legislation (remember the case of the clause prohibiting joint and several liabilities for public debt, which was relativized in practice).

The aforementioned does not speak of the imperfection of monetary norms, but, in our opinion, only confirms the "viability" of this branch of law, which does not pretend to be perfect in its nomotechnics, but is far from real events in the economic sphere of social life. As monetary law stands in a close synthetic-dialectical relationship with monetary finance as an economic discipline, the fact that in certain cases secondary legal sources protect economic stability against legal ones is not so surprising. Moreover, the question arises whether the implementation of monetary norms in moments of crisis relativizes the distinction between legal and economic security so that instead of separate (opposing) levels, it is viewed as the same social value, which again speaks of its sophisticated nature that overcomes all the limitations of the others types of legal norms that cannot withstand the "test" of global earthquakes.

Of great importance for the establishment of a more consistent function of European monetary law is the creation of conditions for a stronger action of the European Court of Auditors in controlling the work of the European Central Bank, as this can contribute to a more responsible implementation of the unified monetary strategy, i.e. its evaluation and identification of those actions of monetary agents that can destabilize it to a lesser or greater extent. In this context, we believe that there is a real and logical need to study the discipline of European monetary law among future lawyers by incorporating and developing special syllabi for undergraduate and postgraduate law studies, because timely familiarization with the content of monetary legal relations, future monetary disputes can be avoided or resolved in a way which will not be accompanied by unnecessary sensationalism and the creation of a bad reputation, both for the monetary parties in the dispute and for the court or arbitration instance that resolves them and thus contribute to the clarification of the monetary legal factual situation in a way that does not cause doubts about the motives of the parties to the proceedings.