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Regional Economic Summit
Topic Started: Jul 14 2015, 10:57 PM (450 Views)
Terrelis
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Official Message from the Commonwealth of Terrelis; To All Nations
 

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Comunesere de Terréli
Ministère de Finances


To Whom It May Concern,

As a region we must all come together for certain issues, one of those issues is the economy. For the past few years the world economy has experienced a decline; a decline in trade, a decline in foreign assistance, and a decline in business growth. We have each managed this decline in our individual ways that best suit our nations, but it is time we come together to manage it in a way that best fits the world. While these declines are in no way, shape, or form severe or catastrophic they are declines nonetheless. I invite all of you to send a representative to Pyrus to meet with me to discuss how we may shift the economic climate upward.

Signed,
Posted Image
The Most Hon. Ginette Cavey MP
Minister of Finance, Lord of the Treasury
Edited by Terrelis, Jul 17 2015, 10:46 AM.
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Vilaro
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Two black SUVs arived outside the Château and out stepped the Vilaran Finance Minister, Arturo Pavia, and his staff. Pavia was an average looking man standing at 5"6' with average facial features, nothing really stood out about him but his eyes which were his natural dark red eyes. He entered the Château and greeted Minister Cavey, "Ginette it is a pleasure to see you once again." She smiled and shook his hand, "the pleasure is all mine." He continued into the meeting room and took his seat along with this staff behind him.
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Terrelis
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After all of the delegates who had responded to the invitation were seated and the road outside was clear of any motorcades, Minister Cavey entered the meeting room. She took her seat at the head of the large rectangular table. She was joined by the Deputy Minister of Finance and the Secretary for Trade and International Economics. After reviewing the agendas from the delegates and comparing them to her own, they were quite similar so she began with what she felt was most important.

"Esteemed delegates, I would like to first thank you all for taking the time out of your day to attend this historic meeting. Your presence here shows that your nations truly care about the state of the world economy, and that is a great thing. I am not one to beat around the bush so we'll get started with our first item of discussion, the Unitatem Central Bank." A document appeared on the screens in front of each delegate at the table.

Econ Summit File 1 - Bank
 
Unité Banque Centrale
Unitatem Central Bank


Purpose
• To print and manufacture a world trade currency
• Control flow of world trade currency
• To provide monetary aid to underdeveloped nations
• To issue bailouts to failing governments
Process
Each nation would have their own account at the UBC, with which they could make deposits or withdrawals at anytime. These accounts would be used of a nation was to ever need monetary assistance or bail out. There would also be an international relief account which any nations could deposit into, but it would only be used to aid under eloped nations and fund relief efforts in case of an emergency/disaster.
People
The UBC would be administrated/overseen by the Governor of the UBC. The governor would be elected by the finance ministers of the UBC member nations at a time period they establish. All other positions will be established by the UBC member nations.[/quote

"Now I know this may look like everything is already planned out but that is not the case. Your thoughts, suggestions, and criticism are much needed to make this truly work. I open the floor to all of you."
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Egyptos
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Your friendly neighborhood Egyptos
Mariam organized her papers, she was prepared and she knew what she was going to say.
"The honorable delegates, the idea of a unified currency that would be used in the international trade, a secondary currency for some, and a main currency for others was a dream of mine. At first I thought it should be named Aro, but after it was proposed in the cabinet the Uni was the name that got the most votes. Think of it as a step towards a brighter tomorrow, I will try to number the benefits of the Uni" she paused for a moment and then continued.
"First the transaction costs, with a single currency, there will be no longer a cost involved in changing currencies. It has been estimated that this benefit will be equal to 1% of GDP so will be quite significant. Some studies have suggested that the Uni will lead to a 6% increase in tourism of the member nations. Second price transparency, with a common currency it will be easier to compare prices in different countries because they would all be in Unis. This enables firms to source cheaper raw material and consumers to buy cheaper goods. Third eliminating exchange rate uncertainty, volatile swings in the exchange rate can destroy the profitability of exports (e.g. a rapid appreciation). This exchange rate uncertainty undermines business confidence in investing. Therefore with a single currency business confidence should improve leading to greater trade and economic growth.
And at last benefits to the financial sector, the introduction of the Uni according to the studies, will reduce the cost of trading in bonds, equity, and banking assets within the member nations" she paused for another moment and then continued.
"For the AUSE, we totally support the Unitatem Central Bank, we believe that it is our duty to help those who need help, and with the Unitatem Central Bank this help will be more useful".
Edited by Egyptos, Jul 25 2015, 03:01 AM.
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Ashkera
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“The Ashkeran government does not recommend the widespread adoption of a unified currency by member nations of a World Bank at this time. Each economy is different, grows at a different rate, and has different needs. With a different currency for each member nation, monetary policy can be carefully matched to the needs of each individual economy. A nation’s monetary policy would also be set by the same government that sets its fiscal policy - which is key for proper management of a currency. Additionally, political controversy over monetary policy would be isolated to individual nations, rather than taking place in the arena of international relations.”

“The creation of accounts for individual nations from which they may make deposits or withdrawals is unlikely to greatly assist economic stability. Nations which continuously spend more money than they take in - and thus require bank bailouts - are the nations least likely to deposit a large sum of money beforehand. More forward-thinking nations which might be struck by natural disaster or war can already build reserves of foreign currency for this same purpose. Nonetheless, the creation of these accounts may make later management of funds for other purposes easier, such as tracking of reserve currencies.”

“We believe the Central Bank should take a proactive role in fostering global economic security and prosperity, establishing not only relief fund that could be used in times of crisis, but also a development fund. The development fund would be used to issue loans to developing nations which show good plans for economic growth.”

“We believe the Central Bank should have a substantial staff of economic advisors, forecasters, and personnel, either hired directly or contributed by member nations, to carry out its mission.”
Edited by Ashkera, Jul 26 2015, 01:50 AM.
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Terrelis
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"We are in full support of the adoption of a world currency, though we would only recommend it being used for international transactions. It would help us lower tariffs and ease the burden of covering money for tourist. Though the name we have in mind is Uniro, but that is up for discussion. I feel as though a trial run with such a currency would be beneficial in making a lasting decision in this matter. After the trial run nations could decide whether they continue to use the Uniro or revert back to using their own currency for trade.

Mrs. Aria you might have missed it but providing aid to underdeveloped nation would be one of the purposes of the central bank. Helping those nations whose economies might not be as successful as our but be both beneficial to them and all of us."
Edited by Terrelis, Jul 29 2015, 06:37 PM.
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