Financial law: searching answers to contemporary economic challenges

The subject . Scientists face a serious task related to the formation of a modern model of financial law that will ensure the financial sovereignty of the state. The purpose . The author attempts to form a modern approach to understanding the nature of financial law that meets economic challenges. Methodology . The use of general logical research methods, including analysis and synthesis, the formal legal method. Main results . The updated legal model of financial relations, aimed at creating a full-fledged mechanism of financial and legal regulation, can be formed by activating the process of convergence of private and public law, the development of which is justified by the tasks of legal technology. The rejection of the sectoral model of law, formed in the 1930s, in favor of the integrative structure of law allows us to consider financial law as a system of regulatory complexes that legally mediate the financial and credit mechanism of the national economy. The unifying basis for the formation of regulatory complexes covered by financial law are such key aspects as: the independent object and purpose of legal regulation of the relevant group of financial relations; the range of subjects of legal relations arising in the sphere of functioning of the financial and credit mechanism of the state; management tools used by the state and means used by participants in civil turnover to protect the right to dispose of finances. Conclusions . The legal instruments that ensure the achievement of the goals of the functioning of the financial and credit mechanism of the contemporary state are: principles of public administration; administrative procedures, as well as the construction of a financial obligation.