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THE ECONOMIC AND FINANCIAL COMMITTEE
 (ECOFIN)

Topic Summary

Economic and Financial Committee (Second Committee of the United Nations General Assembly). As the Second Committee of the United Nations General Assembly (GA), this committee is one of the six main GA committees and is responsible for issues relating to economic growth and development. It was formed just after WWII with the rest of the GA and the UN and first met in London in 1946. The mandate of the committee covers eleven thematic areas including macroeconomic policy, operational activities for development, financing for development, globalization, poverty eradication, sustainable development, human settlements, agriculture development, special groups of countries, Palestinian resource sovereignty and information and communications technologies for development.

  

 

 

Topic A: The Question of the Regulation of Cryptocurrencies

 

Technology increasingly dominates our interactions - financially, socially, educationally - and our dependence on it is growing just as fast. First associated with illicit activities on the black market such as money laundering, narcotics trade, and tax evasion,the digital currency as a new wave of tech was initially met with skepticism. Much of this was shrouded in the lack of information surrounding the concept, however, the potential for vast returns soon attracted investors and speculators keen to exploit generous profit margins offered. Nonetheless, questions of volatility and anonymity raise questions regarding the use of cryptocurrencies which need to be addressed within a global framework.

 

Topic B: The Question of Unilateral Measures to Prevent Financial Crisis

 

A decade ago, the world experienced the worst economic disaster in 79 years and the recession that followed saw unemployment soar and economic growth plummet. Housing prices fell by 31.8% across the western world, like poverty, homelessness and austerity gripped nations globally. The Economic and Financial Committee is mandated to seek solutions on aspects of macroeconomic policy and safeguard the international financial system and therefore discussing the prevention of such catastrophic scenarios are key to a more prosperous future.