Subject. This article examines the functions and management structures of central financial bodies and related parliamentary and governmental structures in Australia, Canada, Great Britain, Japan, Germany, France and Italy. Objectives. The article aims to identify non-standard functions and structures that go beyond the classical responsibility of finance ministries as a central part of the budget process arising from current economic challenges. Methods. For the study, I used a comparative analysis. Results. The article describes the important new functions of financial authorities and treasuries of Western governments aimed at economic growth and economic recovery. Conclusions. The organizational and management structures and functions of the ministries of finance go far beyond the budget process, overlap with and dominate the functions of central banks and ministries of economic development.
Keywords: financial downturn, public financial management, ministry of finance, treasury, fiscal policy
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