The Course is meant to make students acquainted with the main issues of the new approaches to and techniques of the governance of public finance. The traditional model of public finance was based on established structures of government, and the sole responsibility for an efficient management of public finances was political. This means any mismanagement of public finances (e. g. a significant accumulation of budget deficit and government debt) was potentially sanctioned in the next parliamentary elections by the electorate which may have entrusted a new government with the management of public finances. This system proved, however, obviously inadequate under the conditions of the crisis of the world economy from 2007 on. It turned out that the normal political cycle doesn’t allow for fast reactions by incumbent governments to the deterioration of public finances, and independent (or at least impartial, politically not influenced) monitoring of the budgeting process and especially public spending is of vital importance.