International Economic Forum

Following the vote of the Coalition of Ilia-Traveris, the proposal has achieved the required 11 votes to pass into statute.

A copy of the proposal can be viewed in the Department of Records buildings in Togbata, and has also been circulated to all IEF members.

With the ratification of the Democratic Districts of Midir, the Marä of Naizerre believes the time has come to enact Article 2 Section 1 Subsection 3 which states '
New Full Member nations shall be allowed entrance to the IEF by a two-thirds majority vote of the General Body of the IEF.'

To this end, the Marä of Naizerre wishes to gauge the opinions of members of the IEF on whether this subsection requires a formal vote to be put into full effect or whether the IEF can simply apply the subsection on all further applications to join.
 
The delegation from Goyanes responds "We are of the opinion that the article should be enacted automatically."
 
The Vallish delegation responded: "We concur with the Goyanean opinion. The article should be enacted automatically. The General Body should vote on Midir's entrance."

The Imperial delegation responded next: "Due to the fact that the declaration of ratification by Midir came after the start of the General Body's inaugural session, it is the opinion of the Empire that the article should be enacted automatically and Midir's entrance should be put to a vote. We therefore concur with the delegations of Goyanes and Valland."
 
The Marä of Naizerre hereby starts the following votes under Article 2 Section 1 Subsection 3:

The entrance of the Democratic Districts of Midir, requiring a 2/3rds majority vote.

The entrance of the Federal Republic of Ninhundland, requiring a 2/3rds majority vote.

Member nations are reminded of the economic and trade scope of the International Economic Forum and that politics and diplomacy are secondary concerns. Let your decision rest upon the economic and trade factors first of all.

13 votes in favour are required for the applying nations to enter the IEF.
 
The Democratic Peoples' Republic of Skanda is in favor of the Democratic Districts of Midir joining. They have shown a willingness to trade with many of their neighbors and generally seem to be a regional economic power of Kian. Skanda believes that while they have made mistakes in trade deals of the past allowing them into the IEF would only serve to help the IEF in Kian, where membership is lacking. To have strong regional trading powers on all continents of Eras may be beneficial.

The Democratic People's Republic of Skanda is not in favor of the Federal Republic of Ninhundland joining. Ninhundland has shown in recent times that it is generally not well regarded by many states of the Pan-Gotic Union, and opposes many of them such as Goyanes and Andrenne- subsequently allowing them into the IEF could put us at odds with many PGU states, which have a staggeringly large economic base and potential when combined compared to Ninhundland. We believe the economic opportunity of the PGU to the IEF is larger and more important than the economic opportunity that Ninhundland could offer and allowing Ninhundland into the IEF could spoil that opportunity depending on how the PGU states end up perceiving it, including those already in the IEF such as the aforementioned Goyanes, Ilia, Xentherida, Prydania, Gotmark, and Valland.
 
Given the current sanctions imposed by various other states against the Federal Republic of Ninhundland following the actions of its Prime Minister and his government, the Principality of Sil Dorsett votes Nay to their membership in the IEF.

Although the Principality is satisfied with improvements to the general economic competency of the government of the Democratic Districts of Midir, we still have concerns over the focus of their trade, which recent agreements indicate that it appears to be centered around the proliferation of military equipment. We would prefer to see greater diversity in Midirean exports before passing final judgment. Regardless, we have confidence that with membership in this forum, that is an issue that can be resolved. Therefore, the Principality of Sil Dorsett votes Aye to D.D. Midir's entry into the IEF.
 
Kingdom of Prydania

AYE on admission of the DDM
ABSTAIN on the admission of the Federal Republic of Ninhundland
 
State of Iraelia

AYE on admission of the DDM
NAY on the admission of the Federal Republic of Ninhundland
 
Syrixian Empire

ABSTAIN on admission of the DDM
NAY on the admission of the Federal Republic of Ninhundland
 
Vallish Confederation

AYE on admission of the DDM
NAY on the admission of the Federal Republic of Ninhundland
 
Imperial Goyanean Federation

Aye on the admission of the DDM
Aye on the admission of the Federal Republic of Ninhundland
 
Naizerre:
Aye on the admission of the DDM
Aye on the admission of the Federal Republic of Ninhundland
Gotmark:
Aye on the admission of the DDM
Aye on the admission of the Federal Republic of Ninhundland
 
Grand Federation of Xentherida

Aye on the admission of the DDM
Abstain on the admission of the Federal Republic of Ninhundland
 
Democratic People’s Republic of Skanda

AYE on admission of the DDM
ABSTAIN on the admission of the Federal Republic of Ninhundland
 
With 12 votes out of 16 - Midir is admitted to the IEF.

Ninhundland has failed to achieve a two thirds vote in favour of their admittedance and thus is not admitted.
 
The Crown of the Peoples Commonwealth of Norsia has Ratified this Document.
 
The Federal Commonwealth of Demescia ratifies the charter and wishes to join the International Economic Forum as a full member. We stand as a large exporter of food and agricultural technology and a regular participant of global trade, being one of the founding countries of META.
 
The House and Senate of the Republic of Cojedes have passed joint resolution #57 allowing the government to apply for membership in the IEF and have ratified the charter of the IEF. With that being said, the Republic of Cojedes hereby requests membership in the IEF.
 
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Official Communique from the Department of Foreign Relations for Callise
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Esteemed colleagues within the International Economic Forum,

In the wake of a recent financial crisis in Callise, the General Court of Callise has become sharply aware of shortcomings existing within regulatory policy over the Finance Sector. And while many nations have taken on a responsible policy towards their financial systems, others have lagged behind in this regard. As such, we believe that it is imperative to establish an international standard for minimum banking regulations. These standards would not be mandatory for members of the International Economic Forum, but with a minimum threshold of participation we believe these regulations would greatly increase economic stability on Eras. With this in mind, the General Court invited representatives of the Central Banks of Valland, Goyanes, and Maloria to meet in Beaune and discuss these financial regulations. Their suggestions are enclosed below, and I would like to invite official discussion on their implementation.

Sincerely,
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Director of Foreign Relations
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
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.

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.

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.

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.

The above provisions should be enforced by the central bank of each signatory nation.

ARTICLE II: SUPERVISION
National regulatory bodies should implement a rigorous review process of the functions of lending institutions to ensure their solvency.

Regulatory systems should evaluate lending institutions for the efficacy of their capital allocation and the potential systemic, liquidity, and legal risks to their system.

To service the above goals, regulatory bodies should evaluate the internal systems of their national lending institution.

To service the above goals, regulatory bodies should assess the risk profile of their national lending institutions.

To service the above goals, regulatory bodies should evaluate the compliance of their national lending institutions with all financial regulations within their nation.

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
National regulatory bodies should enforce market discipline and foster an environment of disclosure among lending institutions.

Lending institutions must release all relevant information for all market participants.

Lending institutions must release their risk profile to the regulatory body within their nation.

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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Statement From The Department of Foreign Relations and Trade in Mondari​

To my fellow member states of the International Economic Forum

Due to internal concerns in the Mondic government, we would like to propose an amendment to the International Economic Forum's Charter. The Article in question is Article 2, Section 1 of the Charter.

The Article reads as follows:
"Section 1 Full Membership of International Economic Forum
  1. All nations held in good standing by the General Body of the IEF and not also part of another economic forum shall be eligible for Full Membership of the IEF.
  2. Initial member nations shall include any nation that ratifies this agreement and is not part of another economic forum.
  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."

The Mondic government finds the first point in this Section to be extremely troubling. The first point includes a supremacy clause which will only hurt international trade. Mondari believes that supremacy clauses in economic alliances such as the IEF will only turn possible member states away from joining. Therefore, we propose Article 2, Section 1 be amended.

Mondari proposes such an amendment:

"Section 1 Full Membership of International Economic Forum
  1. All nations held in good standing by the General Body of the IEF and not also part of another economic forum shall be eligible for Full Membership of the IEF.
  2. Initial member nations shall include any nation that ratifies this agreement. and is not part of another economic forum.
  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."

We hope that such an amendment is favored by our fellow IEF members, thank you.
Anthony Brooks
Secretary of Foreign Relations and Trade in the RM​
 
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Due to the large number of issues on the table that need to be voted on as of now, I would like the move the issues into discussion and the entrance of the potential candidates to a vote. On top of that, I am nominating Mondari's Representative as Chair of the IEF for the time being.

Therefore, discussion on the issue of Callise's "Treaty for Financial Regulation" and Mondari's proposed amendment to Article 2, Section 1 of the IEF Charter will be opened to discussion.

The entrance of Norsia, Demescia, Cojedes, and Ulstome into the IEF are now opened to a vote, each nation needing a 2/3rds majority vote to enter the IEF.

Member nations are reminded of the economic and trade scope of the International Economic Forum and that politics and diplomacy are secondary concerns. Let your decision rest upon the economic and trade factors first of all.

OOC: This post in through the perspective of Naizerre as I was given permission by MadJack to post on his behalf
 
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Statement From The Department of Foreign Relations and Trade In Mondari

Firstly, I would like to thank the Marä of Naizerre for the nomination to the Chair of this esteemed Forum, therefore, I would like to live up to the nomination as best as I can. As the new Chair, I will be taking the liberty to start the discussions on the issues at hand. However, despite this, I will not hold onto this position forever and will step down when requested or cannot fulfill the position to the best of my abilities.

Now, onto the issues at hand; Mondari fully supports Callise's "Treaty for Financial Regulation" because we believe that it will protect citizens of the member states of the IEF from bank runs and bank instability.

Now, Mondari obviously supports its own amendment to the Charter, however I would like to state as to why Mondari has put forth such an amendment. Mondari is a strong supporter of free trade and globalization, therefore, we support the IEF wholeheartedly. However, we belive that a supremacy clause in the IEF that prevents new members from joining if they are a member of another global economic group will only hinder possible membership in the future.

Finally, on the topic of the entrance of Norsia, Demescia, Cojedes, and Ulstome.

Mondari votes aye on the entrance of Norsia due to their close ties to Prydania and their growing economic potential.

Mondari votes aye on the entrance of Demescia because their entrance would complete a trade circle in the center of Meterra, comprising of Trinister, Naizerre, Lanceria, and of course, Demescia.

Mondari votes aye on the entrance of Cojedes because they have a growing economic potential that Mondari sees and believes will only benefit the rest of the IEF to have access to said market.

Mondari votes aye on the entrance of Ulstome due to their vast economic potential and the lack of representation of the IEF on Icenia.
Anthony Brooks
Secretary of Foreign Relations and Trade in the RM​
 
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Xentherida votes aye on the entrances of Norsia, Demescia, Cojedes and Ulstome; their additions to the IEF can only be positive and the expansion of the IEF should help to bring yet more prosperity onto Eras.

For the amendment proposal by the Midranean government, we also would like to voice our approval. International economic forums can only help so much; especially if a continental economic organisation is formed for more local development, as opposed to the intercontinental economic development that the IEF provides, it would be far more fitting for agreements to be created that only impact the parts of Eras that they are intended to, instead of bringing possible disadvantageous side-effects to nations not meant to be caught in the impact of such legislation. By instead striking the supremacy clause, it allows not only for more local, specified development to take place on a smaller scale, but also expands the possibility for future nations already part of such agreements to join the IEF as well, furthering yet more international prosperity and development.

We would also like to support the Financial Regulation treaty proposed by Callise, allowing for the protection of local and global economies within this agreement from any possible financial volatility caused by the failure or issues of banks.
 
The Empire votes aye on the entrances of Ulstome and Cojedes, as well as those of our valued colleagues in Demescia and Norsia. We believe that all these would be beneficial to the organization, to the global financial order, and to the global markets.

The Empire also agrees with the honorable delegates from Xentherida and Midir that the supremacy clause should be struck. Doing so will, as previously noted by the Xentheridan delegate, heighten development in both local areas and the global sphere. There is naught but benefit for all involved in a striking of the clause. We also support the Financial Regulation Treaty.
 
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Valland votes aye on the entrances of Norsia, Demescia, Ulstome, and Cojedes.

When it comes to striking the supremacy clause, we support such a measure.
 
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Skanda votes AYE on all of the current proposals. It is FOR the removal of the supremacy clause.
 
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The Principality of Sil Dorsett supports the admission of Norsia, Demescia, Cojedes, and Ulstome to the IEF as full members

On the matter of striking the supremacy clause, we recognize the greater flexibility and development opportunities that not interfering with local and regional organizations brings, and therefore we would support this measure.

On the Callisean proposal for a Financial Regulation Treaty, we find hypocritical that despite the message from the Callisean Department of Foreign Relations stating that the standards included would not be mandatory, the very first operative clause is a mandate. I would ask for the representative from Callise to clarify this matter. I would also ask that we consider the potential impact this treaty would have to smaller economies.
 
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On the proposed entrance of Norsia, Demescia, Ulstome, and Cojedes, Lanceria votes Aye.

In addition, we would like to announce our support for the proposed amendment to strike the supremacy clause.
 
Goyanes votes aye on the admission propositions of Demescia, Ulstome, Norsia, and Cojedes. We also support the removal of the supremacy clause.
 
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