THE LEGAL STATUS OF THE NATIONAL BANK OF UKRAINE IN THE CONTEXT OF EUROPEAN MODELS OF CENTRAL BANK INDEPENDENCE

Анотація

The study of the legal status of the National Bank of Ukraine is driven by the need for its comprehensive reconsideration in the context of the transformation of the national financial system, the increasing role of the central bank in ensuring macro-financial stability, and the intensification of European integration processes. The current stage of development of Ukraine’s legal system is characterized by the expansion of the functional scope of the National Bank of Ukraine, particularly in the regulation of the financial market, ensuring the stability of the banking system, and participation in the development of capital market infrastructure, which is not accompanied by an appropriate systematic clarification of its legal status. Particular importance is attached to the issue of determining the legal nature of the National Bank of Ukraine, which, in legal doctrine and judicial practice, is characterized as dual, combining the features of a public authority and a banking institution with a special status. Such duality complicates the formation of a unified approach to defining the place of the National Bank of Ukraine within the system of public authorities and requires further theoretical elaboration. The study gains additional relevance in the context of the implementation of European standards of central bank independence, according to which the effectiveness of central banks is directly linked to the clarity of the legal definition of their institutional status and the guarantees of independence. In this regard, a comparison between the national model of the legal status of the National Bank of Ukraine and European approaches is essential for identifying existing gaps and substantiating directions for legislative improvement. Thus, there is a need to develop a comprehensive scientific approach to defining the legal status of the National Bank of Ukraine as a complex and multifunctional institution of public authority, operating on the basis of independence and playing a key role in ensuring the financial stability of the state, particularly under conditions of martial law and post-war recovery. Keywords: National Bank of Ukraine; central bank; European System of Central Banks; public authority with special status; financial market; banking system; depository system; financial stability; European standards.

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