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Economic and Financial Affairs Council; Council in charge of all budgets, economic development, and finances of the region
Topic Started: Aug 23 2014, 09:21 PM (132 Views)
Arendelle
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Chairman: Sven Jensen, Minister of Trade [ARENDELLE]
Borge Rjordman, Minister of Finance [ARENDELLE]
Włodzisław Jäger, Royal Treasurer [CORONA]
Eckhart Wojewódzki, Minister of Trade and Commerce [CORONA]
Dimitri Shwetz, Minister of Finance [NOLGARIA]
Aleksandra Ivanov, Minister of Economic Development [NOLGARIA]
Torbjørn Stenger, Minister of Finance [SOUTHERN ISLES]
Malene Jespersen, Minister of Economics and Deputy Prime Minister [SOUTHERN ISLES]
Hans Dickens, Minister of Finance [WESELTON]
Lew Munsen, Minister of Economic Development and Commerce [WESELTON]

Agenda:
NC0002 ESTABLISHMENT OF THE CENTRAL BANK OF NORUP
Edited by Arendelle, Sep 25 2014, 06:35 PM.
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Arendelle
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"I Sven Jensen, Chairman of the Economic and Financial Affairs Council (EFAC) announce that NC0002 has been proposed by the Commission to this Council and to NORUPARL and it is in our purview to examine it and state our support or give suggestions. As Royal Trade Minister of Arendelle, I support this measure as I believe it will greatly benefit our trade through the induction of a singular currency."

"I Borge Rjordman, Royal Finance Minister of Arendelle also support this proposal but what I would like to know is how the treasury or funds/bonds of this bank will be financed and I feel we should stipulate that further below."
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Weselton
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"I wish to propose an amendment to this resolution. I believe this clause is necessary to establish the legitimacy of this bank and ensure that they have a solid tender that they can base their gold off of. I know this will spark some dissension but is must be done." -Hans Dickens

Amendment 1
 

This Amendment shall add a 5th Section to Article 1 of NC0002 which shall be as following:

The national central banks of all member nations are required to place their gold, silver, and financial reserves all under the direction of the Central Bank of Norup
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Nolgaria
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"I completely opposed Amendment 1 as a believe that this will only hinder the progress of the Central Bank of Norup but induce a fiasco while the bank is being set up" -Shwetz

"I agree with His Honor Shwetz, this will only have negative consequences. We oppose this Amendment." -Ivanov
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Weselton
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"Perhaps it would be better if we just proposed an amendment that required the national banks to follow the Central Bank. My worry is that the Central Bank is too weak and there is no clause in NC0002 that required national banks to follow Central Bank guidelines. This means that the bad economic spending or lending policies of one nation will trickle to effect all. I suggest requiring all national banks to be put under CBN control." Dickens
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