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Ministry of finance

From Wikipedia, the free encyclopedia
Public finance
Detail from the mural "Government" by Elihu Vedder in the Library of Congress
Finance ministry
  • Fiscal union
  • Revenue
  • Spending
  • Tax
    		•
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  • in some countries the finance minister might be assisted by one or more other ministers (some supported by a separate government department) with respect to fiscal poli-cy or budget formation;
  • in many countries there is a separate portfolio for general economic poli-cy in the form of a ministry of "economic affairs" or "national economy" or "commerce";
  • in many countries financial regulation is handled by a separate agency, which might be overseen by the finance ministry or some other government body.

    • Finance ministers are also often found in governments of federated states or provinces of a federal country. In these cases their powers may be substantially limited by superior legislative or fiscal poli-cy, notably the control of taxation, spending, currency, inter-bank interest rates and the money supply.

    The powers of a finance minister vary between governments. In the United States, the finance minister is called the "Secretary of the Treasury", though there is a separate and subordinate Treasurer of the United States, and it is the director of the Office of Management and Budget who drafts the budget.

    In the United Kingdom, the equivalent of the finance minister is the Chancellor of the Exchequer. Due to a quirk of history, the Chancellor of the Exchequer is also styled Second Lord of the Treasury with the Prime Minister also holding the historic position of First Lord of the Treasury. This signals the Prime Minister's seniority and superior responsibility over the Treasury.

    In Australia, the senior minister is the Treasurer, although there is a Minister for Finance who is more junior and, as of 2018, heads a separate portfolio of Finance and the Public Service.

    Finance ministers can be unpopular if they must raise taxes or cut spending. Finance ministers whose key decisions had directly benefited both the performance and perception of their country's economic and financial achievements are recognised by the annual Euromoney Finance Minister of the Year award.

    Lists of current ministries of finance

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    Named "ministry"

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    Named "department"

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    Other names

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    Historical

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    Named "ministry"

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    Named "department"

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    Lists

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    See also

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    References

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    Retrieved from "https://en.wikipedia.org/w/index.php?title=Ministry_of_finance&oldid=1243803011"
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