ECOFIN - Capital Control or Supremacy?

Financial Times

As the Economic and Financial Affairs Council (ECOFIN) conveyed for its 2nd session, the delegates were engaged in an enthralling session involving debating the challenges to implement a sustainable green economy. Almost all the representatives discussed their countries’ issues by shedding light on the lack of education and awareness about the problem at hand, and the consequences.

Encouraging the delegates to talk about the impact of climate change, the committee moved into an unmoderated caucus to discuss topics and come to a productive conclusion. However, the executive board urged the committee forward to discussing the ‘Questions A Resolution Must Answer’ (hereafter, referred to as QARMA).

The committee seemed stagnant for quite a while, until the delegate of Netherlands presented an opposing view on the topic, by exploring the fact that the Latin American economy is dependent on exports. For a green deal to come, the delegate of Netherlands proposes that more time needs to be given. In case the countries aren’t able to collaborate on the plans, there is a possibility for the economy to collapse. The delegate also focused on the significance of raising awareness and improving education.

Many perspectives about capital control implementation were put across by the delegates. Keeping in mind the foreign policy as well as the thin line between capital control and capital supremacy, the next session will hopefully focus on QARMA.


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