International Economic Forum

St George

St George

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The International Economic Forum is a body for the promotion of global trade, the maintenance of open communication on economic issues and the swift and fair resolution of trade disputes. The IEF encourages the reduction of tariffs and economic reforms designed to increase the efficiency of member state economies.

Headquartered currently in Togbatä, in the diplomatic district of the city, the International Economic Forum is an organisation of voluntary membership, but provides the benefits of frictionless trade between members, based on a system of mutual recognition and good relations. It is a response to the establishment of monopolies over the economic leadership of the world and will work against such.

A copy of the IEF charter is kept in the Department of Records building in Togbatä.
The Marä of Naizerre
The Vallish Confederation
The Triple Federation of Trinster
The Democratic People’s Republic of Skanda
The Grand Duchy of Gotmark
The Lancerian Empire
The Principality of Sil Dorsett
The Crowned Republic of Highton
The State of Iraelia
The Republic of Mouxordia
The Kingdom of Prydania
The Coalition of Ilia and Taveris
The Republic of Callise
The Imperial Goyanean Federation
The Grand Federation of Xentherida
The Syrixian Empire
 
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International Economic Forum​
Preamble
The International Economic Forum is a body for the promotion of global trade, the maintenance of open communication on economic issues and the swift and fair resolution of trade disputes. The IEF encourages the reduction of tariffs and economic reforms designed to increase the efficiency of member state economies.

It is a direct response to the attempted monopolisation of the global economy by leading leading economic powers and is non-aligned on issues of social, military or other non-economic policies.

The IEF recognises that the purpose of international trade should be conducted with a view to raising standards of living, ensuring full employment, developing the responsible use of the resources of the world and expanding the production and fair exchange of goods and services.

The IEF believes in the principles of frictionless, non-discriminatory trade, whilst recognising that this idea is sometimes prevented by the political realities of the world and commits to resolving disputes and removing unnecessary barriers to trade.

Article 1 The Bodies of the International Economic Forum
Section 1 The General Body of the International Economic Forum
  1. The Full Membership of the International Economic Forum shall constitute the General Body of the International Economic Forum.
  2. The General Body shall be responsible for drafting and enacting any resolutions deemed necessary by the General Body.
  3. Resolutions shall be adopted by the consent of a majority of the General Body, unless otherwise stated in this document.
Section 2 Dispute Resolution Body
  1. The International Economic Forum shall establish a body to help resolve trade disputes between member nations.
  2. This body, its aesthetic details to be determined by the membership of the IEF at a later date, shall offer mediation services and, upon the consent of two disputing parties, arbitration services.
  3. Appeals of an arbitration decision shall be heard by the full membership of the IEF.
Section 3 Advisory Body for the Reduction of Tariffs and Other Barriers to Trade
  1. The International Economic Forum shall establish an advisory body to report on and make recommendations on ways in which member nations can reduce and remove tariffs and other barriers to international commerce.
  2. The advisory body shall also report on and make recommendations on ways in which individual member nations can increase efficiency in their economies, and how they can ensure all member nations are afforded Most Favoured Nation status by any other member nation.
  3. Member nations of the IEF are under no obligation to follow or implement the recommendations of the advisory body.
Section 4 Working Group on the Prevention of Undue Economic Warfare
  1. The General Body of the International Economic Forum shall establish a working group to report on and make recommendations on ways to prevent undue economic warfare.
  2. The Working Group shall monitor, at the request of the General Body of the IEF, the policies and actions of a member nation suspected of engaging in Undue Economic Warfare.
  3. The Working Group shall recommend disciplinary action to be taken against any nation guilty of engaging in Undue Economic Warfare, which shall be voted on by the General Body.
Article 2 Membership of the International Economic Forum
Section 1 Full Membership of the International Economic Forum
  1. All nations held in good standing by the General Body of the IEF shall be eligible for Full Membership of the IEF.
  2. Initial member nations shall include any nation that ratifies this agreement.
  3. New Full Member nations shall be allowed entrance to the IEF by a two-thirds majority vote of the General Body of the IEF.
  4. An applying nation failing a vote of the General Body can apply to the General Body to overturn the vote, following a period of negotiations where the concerns of the General Body are addressed. This vote shall carry if approved by a majority of the General Body.
  5. Full Membership may be suspended by a decision by the government of the nation in question, or by a two-thirds majority vote of the General Body.
  6. Full Member nations are encouraged to treat all other full member nations equally in terms of trading preference, so long as this is reciprocated by the other Full Member nation.
Section 2 Observer Membership of the International Economic Forum
  1. Any nation failing to meet the requirements for Full Membership may be afforded the opportunity to become an observer to the IEF, pending a vote by the General Body.
  2. The General Body of the IEF may enact resolutions that add additional requirements for those applying to become an observer.
  3. Organisations of Nations may be afforded the opportunity to appoint an observer to the IEF, pending a vote by the General Body.
  4. The General Body of the IEF may enact resolutions that add additional requirements for those Organisations of Nations applying to appoint an observer.
Article 3 Restrictions on the General Body and Amendments
Section 1 Restrictions
  1. The General Body of the International Economic Forum shall not enact any resolution establishing a military or policing force.
  2. The General Body of the International Economic Forum shall not enact any resolution requiring the nationalisation or privatisation of any body or entity operating within a member nation.
Section 2 Amendments
  1. This agreement shall be amended by any resolution passed by the General Body with a two-thirds majority.
  2. Amendments inserted into the text shall automatically be numbered according to the point they are located within the agreement.
 
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Passed Resolutions​
The Charter of the International Reserve Bank

Mission Statement
To establish an international investment bank with the purpose of developing underdeveloped nations, providing capital for large public works projects, and promoting the economic wellbeing of Eras.

Article I: Function
  1. Section 1: The International Reserve Bank shall have two main functions, to collect economic data on the nations of Eras and to act as a lending institution for nations requiring capital.
  2. Section 2: The Bank shall acquire economic information from a voluntary survey created by it's Board of Shareholders and distributed to the government of each individual nation. The findings shall be published in an Annual Report on the Economic State of Eras. Should the Board of Shareholders find any economic data to be misreported or otherwise untrustworthy, they may exclude it from their report.
  3. Section 3: The Bank shall, at the discretion of it's Board of Shareholders, provide loans to nations requiring capital for public works projects, reconstruction projects, or other necessary government ventures.
  4. Section 4: No loan shall be worth an excess of $50 Billion NSD.
  5. Section 5: Loan applicants are required to submit a request to the Board of Shareholders highlighting the need for funds and requesting an ideal sum. The Board of Shareholders shall then discuss the application. If a majority of shareholders approve, the loan shall be granted with an interest rate to be determined by the Board.
Article II: Governance
  1. Section 1: The Governance of the International Reserve Bank shall be the responsibility of the Board of Shareholders, a body representing each individual nation with partial ownership of the Bank.
  2. Section 2: The Board of Shareholders shall be tasked with writing the Annual Report on the Economic State of Eras, hearing loan requests, and amending this founding charter.
  3. Section 3: The Board of Shareholders shall approve any loan request with a simple majority vote.
  4. Section 4: The Board of Shareholders shall approve the final draft of the Annual Report on the Economic State of Eras with a simple majority vote.
  5. Section 5: The Board of Shareholders shall amend this founding charter with a two-thirds majority vote.
  6. Section 6: The Board of Shareholders shall be composed of one representative from each nation holding a share in the Bank. Nations wishing to gain a share in the bank must be a member of the International Economic Forum and pay annual dues to the Bank.
  7. Section 7: No individual nation shall hold more than a single share in the Bank, and subsequently, a single seat on the Board of Shareholders.
  8. Section 8: No member of the International Economic Forum shall be forced to purchase a share in the Bank.
Article III: Appropriations
  1. Section 1: Primary funding for the International Reserve Bank shall be derived from the annual dues of each nation represented on the Board, which shall amount to one percent of a shareholder's gross domestic product.
  2. Section 2: Secondary funding shall be obtained through multilateral and bilateral borrowing as the Board of Shareholders deems necessary.
Section 3: The Bank shall maintain a sizeable reserve of Gold as well as stable international currencies as a means of insurance.

The Treaty for International Financial Regulation
Aware, of the shortcomings of international monetary regulatory policy

Considering, recent economic crises in nations on Eras, primarily on the continent of Craviter

Hoping, that establishing international standards for regulation of the financial system will promote economic stability, therefore,

BE IT RESOLVED BY THE AUTHORITIES HERE ASSEMBLED THAT THE FOLLOWING STANDARDIZED MINIMUM REGULATIONS, COLLECTIVELY CALLED THE TRIFAR REGULATIONS, SHALL BE ADOPTED:
Article I: Capital Requirements
  1. A minimum reserve requirement of 8% of a lending institution's holdings must be kept as liquid capital to be utilized in the event of a bank run.
  2. Assets identified to be a credit risk, those that are unlikely to be paid back, must be backed up by an additional tenth of their value in liquid capital assets and thus raise the minimum reserve requirement.
  3. Assets identified to be a market risk, those subject to price fluctuations within the financial market, must be backed up by an additional twentieth of their value in liquid capital assets and thus raise the minimum reserve requirements.
  4. Assets identified to be a operational risk, those subject to structural inefficiencies and corporate crime, must be backed up by an additional fiftieth of their value in liquid capital assets and thus raise the minimum reserve requirements.
  5. The above provisions should be enforced by the central bank of each signatory nation.
Article II: Supervision
  1. National regulatory bodies should implement a rigorous review process of the functions of lending institutions to ensure their solvency.
  2. Regulatory systems should evaluate lending institutions for the efficacy of their capital allocation and the potential systemic, liquidity, and legal risks to their system.
  3. To service the above goals, regulatory bodies should evaluate the internal systems of their national lending institution.
  4. To service the above goals, regulatory bodies should assess the risk profile of their national lending institutions.
  5. To service the above goals, regulatory bodies should evaluate the compliance of their national lending institutions with all financial regulations within their nation.
  6. To service the above goals, regulatory bodies must implement supervisory measures to ensure more efficient compliance with their national lending institutions.
Article III: Market Discipline and Disclosure
  1. National regulatory bodies should enforce market discipline and foster an environment of disclosure among lending institutions.
  2. Lending institutions must release all relevant information for all market participants.
  3. Lending institutions must release their risk profile to the regulatory body within their nation.
  4. Lending institutions must release all information deemed necessary, by their national regulatory body, to ensure comparability between their solvency and the solvency of other financial institutions.
 
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The Vallish Confederation wishes to confer upon the Marä of Naizerre and the IEF that it has ratified the agreement.
 
The Triple Federation of Trinster would like to inform the IEF General Body of its Ratification of the agreement.
 
The Democratic People’s Republic of Skanda would like to inform the Mära of Naizerre and the General Body of the IEF that it has ratified the agreement and looks forward to this organization’s future.
 
Having achieved passage in the Chamber of Law and unanimous assent from the Regency, The Principality of Sil Dorsett has ratified this agreement.
 
The Republic of Kalety's Rada Mayoralno?ci and Sejmiejska have both near-unanimously voted to ratify the agreements of the International Economic Forum.
 
The Knesset of the State of Iraelia has ratified this agreement.
 
His Majesty King Tobias III, on the advice of his Cabinet and Privy Council, has approved the IEF agreement on behalf of the Kingdom of Prydania.
 
After debate and vote in the Coalition Senate. The Foreign Directorate of the Coalition of Ilia and Taveris hereby certifies the ratification of this Charter by the Coalition.
 
The Senate of Drusselstein has voted, 24-6, to ratify this agreement on 15 June. The President consented to the ratification on the same day.

EDIT: Edited legislature name and minor letter correction.
 
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Following a narrow vote of 43-37 in the Senate, the Republic of Callise has ratitied the charter of the IEF.
 
Minister-Premier Godfried Van Dijk, in association with the Secretary-General of the Council of the Union, has forwarded the ratification of the IEF Charter within the Auster Coronan Union.
 
To: Members of the International Economic Forum General Body
From: The Office of Cyril Pierlot, Director of Commerce

Following consultation with representatives from Goyanes, as well as representatives from our own finance industry, The Commerce Commission of the Callisean General Court, in conjunction with Goyanean officials, has drafted a proposal for an International Reserve Bank to be chartered by this august body. A copy of the Charter is enclosed below.

The Charter of the International Reserve Bank​

Mission Statement
To establish an international investment bank with the purpose of developing underdeveloped nations, providing capital for large public works projects, and promoting the economic wellbeing of Eras.

Article I: Function
Section 1: The International Reserve Bank shall have two main functions, to collect economic data on the nations of Eras and to act as a lending institution for nations requiring capital.
Section 2: The Bank shall acquire economic information from a voluntary survey created by it's Board of Shareholders and distributed to the government of each individual nation. The findings shall be published in an Annual Report on the Economic State of Eras. Should the Board of Shareholders find any economic data to be misreported or otherwise untrustworthy, they may exclude it from their report.
Section 3: The Bank shall, at the discretion of it's Board of Shareholders, provide loans to nations requiring capital for public works projects, reconstruction projects, or other necessary government ventures.
Section 4: No loan shall be worth in excess of $50 Billion NSD.
Section 5: Loan applicants are required to submit a request to the Board of Shareholders highlighting the need for funds and requesting an ideal sum. The Board of Shareholders shall then discuss the application. If a majority of shareholders approve, the loan shall be granted with an interest rate to be determined by the Board.

Article II: Governance
Section 1: The Governance of the International Reserve Bank shall be the responsibility of the Board of Shareholders, a body representing each individual nation with partial ownership of the Bank.
Section 2: The Board of Shareholders shall be tasked with writing the Annual Report on the Economic State of Eras, hearing loan requests, and amending this founding charter.
Section 3: The Board of Shareholders shall approve any loan request with a simple majority vote.
Section 4: The Board of Shareholders shall approve the final draft of the Annual Report on the Economic State of Eras with a simple majority vote.
Section 5: The Board of Shareholders shall amend this founding charter with a two-thirds majority vote.
Section 6: The Board of Shareholders shall be composed of one representative from each nation holding a share in the Bank. Nations wishing to gain a share in the bank must be a member of the International Economic Forum and pay annual dues to the Bank.
Section 7: No individual nation shall hold more than a single share in the Bank, and subsequently, a single seat on the Board of Shareholders.
Section 8: No member of the International Economic Forum shall be forced to purchase a share in the Bank.

Article III: Appropriations
Section 1: Primary funding for the International Reserve Bank shall be derived from the annual dues of each nation represented on the Board, which shall amount to one percent of a shareholder's gross domestic product.
Section 2: Secondary funding shall be obtained through multilateral and bilateral borrowing as the Board of Shareholders deems necessary.
Section 3: The Bank shall maintain a sizeable reserve of Gold as well as stable international currencies as a means of insurance.
With that being said, the Republic of Callise would like to summon the General Body of the International Economic Forum immediately to discuss the potential ratification of this Charter.

Signed,
XGBQPVM.png

Director of Commerce for Callise
NOTICE: This announcement, IC, is made after Goyanes joins the IEF.
 
On behalf of His Majesty the Emperor and his Imperial Congress, the State Department of the Syrixian Empire wishes to notify the IEF of the ratification by the Empire of its Charter.

OOC: You should probably also remove Kalety as it is not its own nation now.
 
Iraelia:
To: Members of the International Economic Forum General Body
From: The Office of Cyril Pierlot, Director of Commerce

Following consultation with representatives from Goyanes, as well as representatives from our own finance industry, The Commerce Commission of the Callisean General Court, in conjunction with Goyanean officials, has drafted a proposal for an International Reserve Bank to be chartered by this august body. A copy of the Charter is enclosed below.

The Charter of the International Reserve Bank​

Mission Statement
To establish an international investment bank with the purpose of developing underdeveloped nations, providing capital for large public works projects, and promoting the economic wellbeing of Eras.

Article I: Function
Section 1: The International Reserve Bank shall have two main functions, to collect economic data on the nations of Eras and to act as a lending institution for nations requiring capital.
Section 2: The Bank shall acquire economic information from a voluntary survey created by it's Board of Shareholders and distributed to the government of each individual nation. The findings shall be published in an Annual Report on the Economic State of Eras. Should the Board of Shareholders find any economic data to be misreported or otherwise untrustworthy, they may exclude it from their report.
Section 3: The Bank shall, at the discretion of it's Board of Shareholders, provide loans to nations requiring capital for public works projects, reconstruction projects, or other necessary government ventures.
Section 4: No loan shall be worth an excess of $50 Billion NSD.
Section 5: Loan applicants are required to submit a request to the Board of Shareholders highlighting the need for funds and requesting an ideal sum. The Board of Shareholders shall then discuss the application. If a majority of shareholders approve, the loan shall be granted with an interest rate to be determined by the Board.

Article II: Governance
Section 1: The Governance of the International Reserve Bank shall be the responsibility of the Board of Shareholders, a body representing each individual nation with partial ownership of the Bank.
Section 2: The Board of Shareholders shall be tasked with writing the Annual Report on the Economic State of Eras, hearing loan requests, and amending this founding charter.
Section 3: The Board of Shareholders shall approve any loan request with a simple majority vote.
Section 4: The Board of Shareholders shall approve the final draft of the Annual Report on the Economic State of Eras with a simple majority vote.
Section 5: The Board of Shareholders shall amend this founding charter with a two-thirds majority vote.
Section 6: The Board of Shareholders shall be composed of one representative from each nation holding a share in the Bank. Nations wishing to gain a share in the bank must be a member of the International Economic Forum and pay annual dues to the Bank.
Section 7: No individual nation shall hold more than a single share in the Bank, and subsequently, a single seat on the Board of Shareholders.
Section 8: No member of the International Economic Forum shall be forced to purchase a share in the Bank.

Article III: Appropriations
Section 1: Primary funding for the International Reserve Bank shall be derived from the annual dues of each nation represented on the Board, which shall amount to one percent of a shareholder's gross domestic product.
Section 2: Secondary funding shall be obtained through multilateral and bilateral borrowing as the Board of Shareholders deems necessary.
Section 3: The Bank shall maintain a sizeable reserve of Gold as well as stable international currencies as a means of insurance.
With that being said, the Republic of Callise would like to summon the General Body of the International Economic Forum immediately to discuss the potential ratification of this Charter.

Signed,
XGBQPVM.png

Director of Commerce for Callise
NOTICE: This announcement, IC, is made after Goyanes joins the IEF.
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This resolution is now under discussion by the General Body of the IEF. Member nations are encouraged to weigh in with comments and criticism.

The Marä of Naizerre would like to enquire whether "Section 4: No loan shall be worth an excess of $50 Billion NSD." might not be better worded as "in excess of $50 billion NSD" but is fine either way with the current wording.

The membership roles have been updated.
 
Regarding the inquiries into Article I, Section 4, it is the opinion of the Dupont Directorate that the suggested change would be a beneficial clarification to the document, and amendments have been made.
 
The government of Iraelia would like to formally support the proposal put forward by Callise and Goyanes. It is the position of the Iraelian government that such a proposal would be advantageous to the IEF's goal of promoting economic cooperation and stability. We also support the proposed Naizerre suggestion in amending the relevant proposal.
 
Seeing as no one has anything to add to this discussion, I'm going to take the liberty of moving for a vote.
 
To ensure global economic equality, prosperity and development, the Mondic Government wishes to inform the IEF of the ratification of it's Charter.
 
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[quote uid=6527 name="Iraelia" ]Seeing as no one has anything to add to this discussion, I'm going to take the liberty of moving for a vote.[/quote]The following motion is now at vote:-
The Charter of the International Reserve Bank


Mission Statement
To establish an international investment bank with the purpose of developing underdeveloped nations, providing capital for large public works projects, and promoting the economic wellbeing of Eras.

Article I: Function
Section 1: The International Reserve Bank shall have two main functions, to collect economic data on the nations of Eras and to act as a lending institution for nations requiring capital.
Section 2: The Bank shall acquire economic information from a voluntary survey created by it's Board of Shareholders and distributed to the government of each individual nation. The findings shall be published in an Annual Report on the Economic State of Eras. Should the Board of Shareholders find any economic data to be misreported or otherwise untrustworthy, they may exclude it from their report.
Section 3: The Bank shall, at the discretion of it's Board of Shareholders, provide loans to nations requiring capital for public works projects, reconstruction projects, or other necessary government ventures.
Section 4: No loan shall be worth an excess of $50 Billion NSD.
Section 5: Loan applicants are required to submit a request to the Board of Shareholders highlighting the need for funds and requesting an ideal sum. The Board of Shareholders shall then discuss the application. If a majority of shareholders approve, the loan shall be granted with an interest rate to be determined by the Board.

Article II: Governance
Section 1: The Governance of the International Reserve Bank shall be the responsibility of the Board of Shareholders, a body representing each individual nation with partial ownership of the Bank.
Section 2: The Board of Shareholders shall be tasked with writing the Annual Report on the Economic State of Eras, hearing loan requests, and amending this founding charter.
Section 3: The Board of Shareholders shall approve any loan request with a simple majority vote.
Section 4: The Board of Shareholders shall approve the final draft of the Annual Report on the Economic State of Eras with a simple majority vote.
Section 5: The Board of Shareholders shall amend this founding charter with a two-thirds majority vote.
Section 6: The Board of Shareholders shall be composed of one representative from each nation holding a share in the Bank. Nations wishing to gain a share in the bank must be a member of the International Economic Forum and pay annual dues to the Bank.
Section 7: No individual nation shall hold more than a single share in the Bank, and subsequently, a single seat on the Board of Shareholders.
Section 8: No member of the International Economic Forum shall be forced to purchase a share in the Bank.

Article III: Appropriations
Section 1: Primary funding for the International Reserve Bank shall be derived from the annual dues of each nation represented on the Board, which shall amount to one percent of a shareholder's gross domestic product.
Section 2: Secondary funding shall be obtained through multilateral and bilateral borrowing as the Board of Shareholders deems necessary.
Section 3: The Bank shall maintain a sizeable reserve of Gold as well as stable international currencies as a means of insurance.
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11 votes in favour are required to pass this motion.
 
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