Financial and legal standards to ensure international and national financial stability in a competitive environment of development concepts and legal practice

Introduction. The balance between the requirements of international financial institutions and their application at the national level for each state is determined by the compatibility of national strategies for the development of the financial sector and their consistency with international standards and legal practice. This requires increased collaboration with international financial institutions. Russia cooperates with the IMF, the World Bank, and the Financial Stability Council (SFS) in the field of monetary and financial regulation and supervision, which is due to the presence in Russia of a global systemically important financial sector that operates according to international standards of financial stability. The paper discusses the impact of world economic development concepts on investment financing, stability, the practice of applying global norms and standards in this area. Materials and methods. Analytical materials of the SPS experts on forecasts of world financial stability, the SPS report for 2019, the SPS work program for 2020, documents on the socio-environmental principles of financing World Bank (WB) projects, UNGA resolutions on financing for development, the SPS financial assessment program were used Sectors (FSAP), banking legislation of the Russian Federation. The methods of comparative analysis of scientific concepts on the topic of work were applied. Results. It was revealed that there is a competition of international norms developed within the UN framework, both regarding financial control and investment restrictions by the WB, as well as support for investment financing for the development of economies of developing countries. At the international level, several models of the application of the norms and principles of international financial law compete as a system of legal regulators that provide international requirements for trade credit, investment financing, and capitalization of company assets. The main international and national financial legal relations reflecting the level of legal support for financial stability are highlighted. Discussion and conclusions. The procedure for calculating quotas of IMF member states, despite decisions of the Group of 20 Summits 2010-2019 it is still discriminatory and subjective in nature, guided by pro-American criteria for assessing GDP and American theories of economic growth, while at the G20 Summits, it was decided to calculate quotas for new criteria for evaluating the effectiveness of economies. World financial stability is reduced by the inconsistency of the legal approaches of some states to comply with international standards and principles of fair competition in financial markets. For example, the US and EU financial sanctions against Russia, being increasingly sophisticated, are aimed at “holding back” the economic development of Russia, destabilizing finances, which threatens global financial stability in general. That is, the monetary and financial order that has been formed at the IMF since 1944 is still in place, with the goal of restraining the development of rival countries to Anglo-American financial capital.

international financial and legal norms, ensuring financial stability, development management concepts, the Financial Stability Board, international financial standards