Economic and Social Council (ECOSOC)The Economic and Social Council is one of the first organs in the UN framework ever to be established. Since 1945, ECOSOC carries out its mandate to achieve higher standards of living, full employment, to greater international cultural and educational cooperation or to find solution to international economic, social health or related problems. It has 54 seats that are held by elected members of the UN to help it pursue its mandate.
Topic Overview
Topic A: Sovereign Debt Crises In recent times, Sovereign Debt Crises has become a more common phenomenon. Once treated as near impossible scenario is now become plausible result of flawed government policies. Over the years, Sovereign debt-servicing difficulties have taken different forms, from outright default on domestic and external debt to rollover/liquidity crises. No matter what form sovereign debt crises adopt, the implications of such crises are catastrophic. The global financial system is interconnected which means that if one nation defaults on its sovereign debt or enters into recession that places some of the external private debt at risk as well, the banking systems of creditor nations face losses. Referred to as financial contagion, this could have a domino effect on global markets. With active derivative market, the risk of meltdown is magnified. Therefore it is up to this simulation of ECOSOC at EuroMun 2012 to devise a comprehensive plan to curtail the risk of Sovereign Debt crises.
Topic B: Investing in the development of the MENA region This topic will provoke discussion regarding the financial stimulation of the Middle East and North Africa (MENA) region, affected by the Arab Spring. Recounting past UN activity in the area and recent political developments, the delegates will work on a resolution allocating funds to sustainable development projects and social support programs aiming at improving the living conditions of civilians in the area. Topics to be addressed include the reconstruction of facilities, the encouragement of business dialogue between newly-elected governments and foreign investors that would result in the creation of work places, creation and improvement of social support programs, as well as the promotion of female and children’s rights.