The Economic Sovereignty of the State as the Defining Instrument of Economic Policy in the Context of Globalization

The modern world is characterized by rapid integration and globalization processes, which have both a positive and a negative impact on the development of each country. National economies operate in the midst of global uncertainty, which is becoming the platform for the formation and implementation of the State economic policy, which should not only describe the conditions for strategic development of country but also adequately respond to the risks emerging out of the complex integration processes. The failure of the State to respond in a timely and adequate manner to the risks will result in lesser benefits and positive effects of integration processes than the impact of destabilizing factors. In such circumstances, economic sovereignty becomes the most important instrument of the State through which it can defend its national economic interests and form an effective economic policy.