Publication date: 03.07.2024
Powers of the President in the field of economic policy
Economic policy is an important aspect of public administration that determines the development of the economy, ensuring stability and prosperity of the country. The President of Ukraine, as the head of state, has a significant influence on the formation and implementation of economic policy. In this article, we will examine the legal framework, powers and mechanisms for exercising the President's functions in the field of economic policy, as well as the challenges and opportunities faced by the President in this area.
Constitutional and legislative framework
TheConstitution of Ukraine: The fundamental law of the state that defines the legal status and powers of the President in the field of economic policy. Article 106 of the Constitution of Ukraine provides that the President ensures the observance of the Constitution, human and civil rights and freedoms, and determines the main directions of the state's domestic and foreign policy.
TheLaw of Ukraine "On the President of Ukraine": Establishes the legal status of the President, his powers and the procedure for interaction with other state authorities in the field of economic policy.
Law of Ukraine "On the Cabinet of Ministers of Ukraine": Regulates the activities of the Cabinet of Ministers, which is the main executive body in the field of economic policy, and establishes the interaction between the Cabinet of Ministers and the President.
Legislation on public finance, taxation, investment and other aspects of economic policy: Includes laws regulating budget policy, the tax system, the investment climate, the labour market, social security and other economic issues.
The main powers of the President in the field of economic policy
Determination ofeconomic policy directions: The President determines the main directions of the state's economic policy, which are implemented through legislative initiatives, decrees and orders. This includes strategies for economic development, reforms in finance, investment, labour market and social security.
Appointment ofheads of economic bodies: The President appoints and dismisses the Minister of Economy, the Minister of Finance and other heads of economic agencies, which allows him to influence the implementation of economic policy.
Conclusion of international economic agreements: The President represents Ukraine in international economic relations, concludes international treaties, and promotes economic cooperation with other states and international organisations.
Influence on budget policy: The President has the right of legislative initiative in matters of budget policy, submits proposals on the state budget, signs laws on the budget and other financial acts.
Regulation of the investment climate: The President takes measures to improve the investment climate, attract foreign investment, and create favourable conditions for business and entrepreneurship.
Control over the implementation of economic reforms: The President oversees the implementation of economic reforms, initiates and supports legislative changes aimed at modernising the economy, increasing its competitiveness and efficiency.
Mechanisms for exercising powers
Presidential decrees and orders: The President issues decrees and orders that are binding throughout Ukraine. This allows for a prompt response to economic challenges and the implementation of necessary reforms and measures.
Legislative initiative: The President has the right of legislative initiative in the Verkhovna Rada of Ukraine, which allows him to submit draft laws on economic policy, the budget system, the investment climate and other economic issues to the Parliament.
Cooperation with the Cabinet of Ministers: The President actively cooperates with the Cabinet of Ministers, coordinates its activities in the field of economic policy, and participates in the development and approval of the state budget, economic programmes and development strategies.
Advisory bodies under the President: The President establishes advisory and consultative bodies, commissions, councils dealing with economic policy issues, development of recommendations and proposals for economic reforms.
International cooperation: The President participates in international economic forums and conferences, signs international economic agreements, and promotes economic cooperation with other states and international organisations.
Challenges and opportunities
Economic stability: Ensuring economic stability is an important task for the President, including fighting inflation, ensuring the stability of the national currency, and maintaining macroeconomic stability.
Reforming the economy: Implementing comprehensive economic reforms, modernising the economy, introducing new technologies, developing infrastructure, and improving the business and investment environment.
Social justice: Ensuring social justice, reducing social inequality, supporting socially vulnerable groups of the population, ensuring access to quality social services.
Investment climate: Improving the investment climate, attracting foreign investment, creating favourable conditions for business, developing entrepreneurship, and supporting small and medium-sized businesses.
International economic cooperation: Development of international economic cooperation, integration of Ukraine into the global economy, conclusion of international economic agreements, participation in international economic organisations and forums.
Recommendations for improving the mechanisms for exercising powers
Improvement of legislation: Develop and adopt clear legal acts regulating the President's activities in the field of economic policy, including the budget system, investment climate, labour market and social security.
Strengthening cooperation with the Cabinet of Ministers: Ensure effective interaction between the President and the Cabinet of Ministers in the development and implementation of economic policy, and coordinate the activities of the executive branch in the economic sphere.
Increasingtransparency: Ensuring transparency of decision-making processes in the economic policy area, publishing information on legislative initiatives, economic programmes, and the use of budget funds.
Development of international cooperation: Expansion of international economic cooperation, conclusion of new international economic agreements, participation in international economic organisations and forums.
Support for innovation: Providing support for innovations, introduction of new technologies, infrastructure development, support for research and development, and creation of favourable conditions for innovative business.
Conclusion.
The President of Ukraine plays a significant role in the formation and implementation of the country's economic policy. The Constitution of Ukraine and other legislative acts define his powers in the field of economic policy, including determining the directions of economic development, appointing heads of economic bodies, concluding international economic agreements, influencing budget policy and regulating the investment climate.
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