The Ministry of Finance was established in 1879 in accordance with the Tarnovo Constitution. Its objective was to prepare and implement the state budget. It played an important role until the middle of the 1940-s. Then its functions were significantly reduced in the conditions of the administrative planned economy. After the collapse of the totalitarian regime the importance of the Ministry of Finance has considerably increased since market economy requires tight financial, fiscal and budgetary policy. Under the currency board the role it plays is even more crucial. Under the currently effective legislation the Ministry of Finance is responsible for the financial management and policy of the state. The main objective of the Ministry is to sustain a transparent fiscal, financial and budgetary policy in compliance with the government strategy for full-fledged EU membership.