economic and Financial Affairs Council (ECOFIN)
Director: Javin Pombra
Topic: Banking In The Developing World
In our globalized world, banks and other financial institutions have vast power to affect the everyday life of citizens in virtually every country. The actions of these establishments have the power to cause multinational recessions that directly impact a country’s livelihood. At the same time, financial institutions are considered key to economies and serve as mediums through with capitals for new companies or loans for a new home can be produced. A balance must be struck so that regulations and laws can provide the best and safest way to allow cash to flow from people to companies to institutions.
This committee is working on creating more global framework to prepare for a potential recession along with stabilizing the modern global economy for years to come. I’m excited to see both the traditional and nontraditional ideas you bring to the table to help prevent a crisis like that of 2008. From the precedent set in other various international banking accords, you will work to to craft your own broad, yet still nuanced, regulations. Along with that, you will look for other means to impact global banking policies that aren’t just simply imposing rules, but working through other pathways.