QUESTION OF: Promoting responsible macroeconomic governanceMAIN-SUBMITTED BY: GermanyCO-SUBMITTED BY: France, Greece, United Kingdom, Singapore, Italy, Ireland, China

THE ECONOMIC AND FINANCIAL COUNCIL,

Recognizing that macroeconomic governance by every national government effects global economic stability and prosperity; and that now, more than ever with international currencies like the Euro and trade organizations like NAFTA, policies enacted by any governmental body are more than plausible to have great effects on the global economy;

Noting that the consequences for misuse of economic policies are of a scale too large for decisions deciding the fate of the global economy to be left solely to national governments;

Acknowledging the role of the International Monetary Fund (IMF) as the main forum for international economic policy cooperation;

1. Reduces fiscal and sovereign debt in the Euro-Zone by:a. IMF imposing the following fiscal austerity measures to decrease

government spending on public sector goods in Greece, Spain, Italy, Ireland, and Portugal:

i. freeze of public sector wages until 2016,i. reduced government pensions,

ii. halve spending on foreign aid by 2013,iii. cut military spending by 30% by 2013 and a further 30% by

2014,iv. increased taxation of demerit goods and luxury goods;

b. privatizing public sector firms and implementing fiscal accountability for governments,

c. promoting sustainable economic growth through financial co-operation between emerging economies and the Euro-zone, and through prevention of excessively confident monetary policy,

d. writing off twenty five percent of Greek fiscal debt from non-Euro-Zone creditors and twenty five percent from Euro-Zone creditors by June 2013;

2. Calls upon all members of the IMF to cooperate in support of reform of the IMF to become a more authoritative position by:

a. improving the aggregate voting share of developing countries,b. implementing consensus approach decision making,c. making the selection process of Managing Director more transparent

and open;

3. Recommends that the IMF insist on stricter financial management through methods such as but not limited to;

a. promotion of regulations on and nationalization of banking systems

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QUESTION OF: Promoting responsible macroeconomic governanceMAIN-SUBMITTED BY: GermanyCO-SUBMITTED BY: France, Greece, United Kingdom, Singapore, Italy, Ireland, China

b. promotion of negotiable trade agreementsc. deterrence from governments borrowing a quantity surpassing a

realistically repayable limitd. promotion of joint ventures and foreign investmente. strongly suggested alteration of national or international economic

policies acting strongly against the interests of the global economy;

4. Encourages the reduction of trade barriers between the indebted European nations and developing nations to providing local firms in Greece, Spain, Ireland, Portugal and Italy with access to growing markets such as India and China by:

a. pledging to grant market economy status upon China, to aid the process of trade barrier reduction,

b. creating free trade agreements between Greece, Spain, Ireland, Portugal, and Italy and developing nations such as but not limited to China, India, and Brazil;

5. Recommends that an ad hoc panel consisting of technical and academic experts be established with the intent of examining certain underlying principles on which our current global macroeconomic policy is largely based and finding potential solutions to any problems they discover, principles dealing with issues such as, but not limited to:

a. monetary policy,b. fiscal responsibility or lack thereof,c. capital flows,d. safety nets;

6. Encourages nations to take into account the Global Jobs Pact when designing current and ongoing policy packages, being mindful of the fact that it is a general framework within which individual states can implement their own policy;

7. Calls for adding a follow-up mechanism to the Conference of State Parties to strengthen the United Nations Convention against Corruption, with the intent of increasing accountability and decreasing corruption, including in the mechanism:

a. self review,b. active dialogue between the Conference of State Parties and individual

countries,c. discussion of preliminary findings,d. possible requesting of additional information;

8. Decides to remain actively seized on the matter.

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