Proceedings of the International scientific and practical conference ―Modern Research and Education‖ (May 2-4, 2026) / Publisher website: www.naukainfo.com. – Warsaw, Poland, 2026. - 523 p.

40 • the need to legally prohibit borrowing in excess of established volumes and adjust the volume of public debt; • it is advisable to create in Ukraine a tool similar to the one that exists in the European Union member states, namely the European Semester in order to strengthen monitoring of the formation and implementation of the state's budgetary, financial, and economic policies; • implementation of an early warning system for crises and other shocks based on stress testing of the state's debt instrument portfolio; • reduction of the debt burden on the state and increased responsibility for their accumulation; • full-fledged introduction of medium-term budget planning; • it is necessary to significantly reduce the vulnerability of the financial system to internal destabilizing factors, in particular regarding the inefficient use of budget funds, elimination of the deficit of the State Budget of Ukraine, debt, etc.; • to strengthen the responsibility of participants in the budget process for the targeted, effective use of financial resources in priority areas of the country's socio- economic development. In our opinion, this will significantly reduce the vulnerability of the financial system, increase its resilience to various economic crises and shocks, and promote its harmonious, uninterrupted, and effective functioning. REFERENCES: 1. Foot M. What is financial stability and how do we get it? / M. Foot// ACI (UK) The Roy Bridge Memorial Lecture. – 2003. 3 April URL: http://fsa.gov.uk/Pages/Library/Communication/Speeches/2003/sp122 2. Закон України від 20.05.1999 №679-XIV «Про Національний банк України» URL: https://zakon.rada.gov.ua/laws/show/679-14#Text 3. IMF Executive Board Concludes Financial Soundness Indicators-Experience with the Coordinated Compilation Exercise and Next Steps URL: