Legal Literacy- Amidst the complexities of the global and national economy, three institutions play a crucial role in maintaining Indonesia's financial stability: Bank Indonesia (BI), the Financial Services Authority (OJK), and the Deposit Insurance Corporation (LPS). Their independence is key, but a big question always arises: To what extent are they independent, and how do we ensure they remain accountable without excessive political intervention? A recent article in the Journal of Constitution offers a breakthrough idea known as monetary constitutionalism. This idea invites us to see the independence and supervision of financial institutions from a completely new perspective, beyond the classicalconstitutional lawperspective.

Why the Old Framework Is No Longer Sufficient?

Traditionally, we understand constitutionalism as an effort to limit the political power of the state so that it is not unlimited. However, this view is considered obsolete. In the modern era, power is no longer monopolized by the state. Non-state actors, such as transnational corporations and global financial institutions, have enormous influence, sometimes even exceeding that of the state. The classical approach that only focuses on limiting political power is inadequate for regulating a complex monetary sector. This is the gap that the idea of constitutional pluralism tries to fill, namely the belief that the principles of limiting power (constitutionalism) must also be applied outside the political realm, including in the financial sector.