ECOFIN
Economic and Financial Committee
The Economic and Financial Committee is the second committee within the United Nations General Assembly. Charged with responsibilities to maintain economic growth and financial development in the world, its areas of work range from drafting guidelines for macroeconomic policies to fostering global partnerships. In addition, the Economic and Financial Committee is generally in session around from October through to the end of the year, during which it hosts an annual sitting with the Economic and Social Council.
The issues the Second Committee work on are separated into annual topics and biennial topics. Annual topics, which include macroeconomic policies, sustainable development, and operational activities, are discussed every time the committee meets. Biennial topics, whose solutions require longer to implement, are discussed every two years. These issues include the eradication of poverty, the interdependency between the Member States, and the establishment of global partnerships.
TOPIC
Addressing Currency Manipulation to Facilitate Free Trade and Prevent Trade War
Throughout history, trade wars between countries have occurred and re-occurred, making it seemingly inevitable. Just almost two years ago, the clash between two of the world’s largest economies initiated a trade war affecting not only those within both countries but also others around the globe. The actions from both countries and the consequences it held made this trade war one of the most highly-interested issues for the international community. The trade war between the US and China exhibited numerous failures to negotiate a mutual agreement and displayed the lack of cooperation needed between countries.
Moreover, following the collapse of the Bretton Woods System, the floating exchange rate system was widely adopted. Therefore, countries were no longer forced to accept the fixed exchange rate and this allowed the central banks to intervene as a tool of monetary policy. By having the central bank manipulate the currency exchange rate and deviate it from market price, the country could gain disproportionately large advantages in the global economy, which is harmful to free and fair trade.
Main Chair / Samuel Wang
Hello everyone! My name is Samuel (Ping-Sheng Wang) and I am currently a college freshman at the Hong Kong University of Science and Technology. I am a dual degree student majoring in both engineering and business administration, and I am quite interested in data science and technical finance analysis methods.
This year, I will be serving within the HSMUN 2020 Dais Team as the main chair of the ECOFIN committee. I believe that MUN is about harnessing your inner-confidence to propose bold plans and solutions for real-life issues in our world, and I strongly encourage you to do so, too. I am insanely excited to get to know as many delegates as possible, and I look forward to hosting a stimulating conference and learning lots with you!
Co-Chair / Sunny Ko
Greetings, everyone! My name is Sunny and I’m currently a junior at Kang Chiao International School. I started my Model United Nations journey back in 9th grade, when I was pulled into a MUN conference at my school by my best friend. With a few delegating and chairing experiences both locally and internationally, I am excited to be serving as a co-chair of ECOFIN at HSMUN 2020.
In this year’s HSMUN, the Economic and Financial Committee will be tackling the issue of currency manipulation during the latest trade war between the US and China. Although it might not seem like a huge problem for each individual person, currency manipulation makes a country’s exports less competitive, thus resulting in a loss of demand and a loss of employment. With an increase in the unemployment rate and a decrease in people’s income, this issue of currency manipulation indirectly affects all taxpayers and contributes to the international community’s ever growing problems.
With that being said, I look forward to meeting everyone and introducing the delegates to the fun of participating in MUN. Hold onto your horses people, ‘cause HSMUN 2020 is coming your way!
Co-Chair / Stanley Lin
Greetings. My name is Stanley Lin, currently a junior in National Taiwan University double majoring in both law and economics. And I would be serving as a member of HSMUN 2020 dais team of the ECOFIN committee.
My participation in the Model United Nations started in my high school years and the HSMUN 2020 would probably mark the end of this wonderful journey. I am glad and grateful to draw a perfect full stop with the participation of all the delegates and the witness of my dais team colleagues. Model United Nations occupies a key part of my youth, hope it would also weigh something to you.
I am looking forward to meeting delegates during the conference. See you in July!