Introduction. Negative effects of the global economic crisis, contradictions of social and economic policies of Ukraine caused by insufficiently effective reforms and frequent changes in Ukraine's legislation have led to numerous problems in the field of budgetary relations, including the excessive centralisation of budget funds, increasing public debt, insufficient provision of sources of real income for delegated local authorities, etc. These problems can be solved by means of the declared fiscal decentralisation. Its implementation will help to strengthen the financial basis of the local self-government, improve the social and economic situation and provide an increasing number of jobs and decreasing migration. The purpose of the paper is to evaluate the process of fiscal decentralisation and the changes, caused by it in relationships between budgets due to the delineation of expenditure responsibilities and sources of income in order to compare the obtained and expected results. Results. The main disadvantages of fiscal and tax reforms have been defined as follows: rapid implementation without proper substantiation and preparation; incomplete sectoral reforms and administrative-territorial reform that would precede the budgetary reform; increasing centralisation of budgetary funds despite the declared fiscal decentralisation; the handover of power from public authorities to local authorities without proper financial provision. In order to implement real fiscal decentralisation it was proposed to provide conditions for people's active self-fulfilment when they set up their own business, promoting the increase of revenues into the budget; to ensure the delegated rights on expenditures of the amount of designated financial resources alongside with the handover of power from public authorities to local authorities; to improve the order of calculation of basic (reverse) dotation with the possibility of its adjustment due to the objective circumstances; to review the revenues of the local budgets in order to increase local revenues and reduce transfers from the state budget. Conclusions. Having conducted this research, a conclusion was drawn about insufficient effectiveness of the budget and tax system reforming, intergovernmental fiscal relations and declarative nature of many activities of fiscal decentralisation.

The process of cluster paradigm development in Ukraine is characterized by the absence of a clear legal and regulatory framework that would enable the clusters to be identified in the overall set of business entities. It complicates the coordination of the interaction of participants in the cluster process, as well as processes related to the creation and development of other innovation-oriented business structures. Significant impact is the availability of the weak information support, the task of which is to establish business communications between the state and business, on issues of ensuring the maximum possible realization of the existing innovative potential, in particular, by commercializing progressive innovations. Therefore, the particular topicality gets the issue of building a structured institutional environment that determines the clear mechanisms for the development of the most innovative business structures in Ukraine. The purpose of the researches was to develop specific mechanisms for organizing synergistic interaction of all participants in the process of creation and development of clusters in Ukraine in the context of multilevel sectors of their functioning. To achieve the goal, the following tasks were solved: the world tendencies of modern innovative development were investigated; the change of Ukraine's positions during 2014-2017 in innovation rankings was considered; the state of development of innovative entrepreneurship in Ukraine was analysed; a system of scenarios for the organization of technological solutions for the development of innovative clusters was proposed; the indicator of the evaluation of the cluster paradigm development in the regions for the purpose of determining the useful effect from its implementation was presented. Considered changes in Ukraine's positions in 2010-2017 in innovation rankings and indicators of the provision of innovation development in Ukraine in 2010-2017 state the extremely low level of state interest in creating, internal commercializing, and promoting to the external market own innovative technologies, and in the development of the very innovative business, which, in turn, reflects on the ability of enterprises to develop their innovative potential. The proposed system of scenarios for the organization of technological solutions for the development of innovative clusters includes four possible technologies for the creation of clusters, which are united in two blocks: technologies in the sector of state entrepreneurship -the source of stimulation are state institutions and technologies in the sector of private entrepreneurship -the source of initial incentives are business entities themselves. Using the proposed indicator of the expediency of cluster paradigm development in the regions to determine the useful effect from its implementation (IRCD), it is possible to estimate the influence of clusters on the development of the economy in the region.

The article is devoted to the analysis of the state of the money market of Ukraine and the prospects for its development. A necessary condition for ensuring the stable economic development of Ukraine is to ensure the stability of the national monetary unit. The stages of formation and the current state of the banking sector of Ukraine are characterized. However, the introduction of quarantine restrictions (Covid-19) led to a sharp decline in economic activity in the world and in Ukraine. It is predicted that economic growth will resume after the 2020 recession thanks to the adopted monetary and fiscal measures. But compared to the crisis of 2007-2009, the influence of monetary instruments is limited. It was highlighted that quantitative easing programs are the main tool of monetary policy. The priority goals of the monetary policy have been singled out, namely, the main one remains the support of price stability in the state, the promotion of financial stability (including the stability of the banking system). It is noted that price stability consists in preserving the purchasing power of the national currency by maintaining low, stable inflation rates in the medium term. The main indicators of banks' activity over the past five years have been analyzed. Since the beginning of the war in February 2022, it has been singled out that banks with domestic capital continue their work without changes, and two banks with foreign capital have ceased their activities (do not have a banking license). Aggregate information on the banking system of Ukraine as a whole is presented (total indicators for all Ukrainian commercial banks, including those that are state-owned). The dynamics of changes in total liabilities of Ukrainian commercial banks are analyzed. The analysis of the dynamics of the main indicators and tools of the money market, the main problems of its development, and ways of solving them are presented. The trends of its development and policy are identified and the proposals for solving the problems of the efficiency of the money market in Ukraine are substantiated.

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