Нормативно-правові засади функціонування публічних фінансів

English

Normative and legal framework for the functioning of public finance

Abstract. Summary. Introduction. The article provides a comprehensive analysis of the regulatory environment of public finance in Ukraine, distinguishing between central, regional, and local levels of regulation. This approach allowed for outlining the structural features of their functioning within the framework of multilevel governance. Purpose. The aim of the study is to assess the effectiveness of the current regulatory model of public finance management in Ukraine and to develop proposals for its adaptation to European Union standards. Materials and methods. The study is based on a descriptive and analytical review of the current regulatory framework governing the functioning of Ukraine’s public finance system, with a focus on its structural logic in the areas of interbudgetary transfers, tax administration, public procurement, and internal audit. Additionally, scholarly works by Ukrainian and international researchers addressing issues of good governance, budget security, and financial integration with the European Union were examined. The methodological basis includes institutional, comparative legal, and systemic analytical approaches, which enabled the identification of regulatory trends and assessment of institutional readiness for reforms aligned with EU standards. Results. The study reveals fragmentation, duplication, and inconsistency in the legal regulation of certain components of public finance, particularly in the areas of fiscal equalization, tax administration, state audit, and public procurement. Special attention is given to institutional gaps between levels of government, limited regulatory capacity of territorial communities, and insufficient integration of modern crisis management tools under martial law. The conducted SWOT analysis identifies several barriers to achieving fiscal equilibrium, including legal uncertainty regarding the competencies of public authorities, the absence of a unified approach to ensuring budget security, and weak implementation of the principles of transparency and accountability. Prospects. Further research should focus on assessing the impact of harmonized norms on the quality of financial governance under decentralization, developing indicators to evaluate the effectiveness of EU directive implementation in national legislation, and designing an adaptive model of fiscal monitoring that considers crisis and post-crisis scenarios.

Keywords: public finance; regulatory framework; multilevel governance; budgetary security; intergovernmental transfers; EU directives; fiscal decentralization