ECOFIN Committee - An overview
The time has come to bring into the spotlight a committee that may be a mystery to many of you, but one that deserves to be elucidated and experimented by as many people as possible in the MUN journey. The Economic and Financial Committee, also known as the United Nations General Assembly Second Committee or ECOFIN or C2, is one of the six main committees present in the General Assembly, in short GA. As the name says, it deals with finances and the economic situation. Established by the UN Charter of 26 June 1945, ECOFIN was formed as standing and one of the most vital committees to help bring back financial stability to Europe after the Second World War.
The starting point
It’s important to know how this committee influenced the world that we have now and with the role it contributes. Heading now into its 75th session, ECOFIN has convened each year, in October and November, to address global financial and economic matters. ECOFIN works to ensure economic stability and prosperity internationally. Its membership is open to all member states of the United Nations as one of the General Assemblies and follows the same parliamentary procedures as any other main organ of the United Nations. A total of 193 nations are represented in ECOFIN. Another significant fact you should know is that the ECOFIN Committee is not the same as the ECOFIN Council, the two being often confused. (The Economic and Financial Affairs Council is part of the Council of European Union.)
Current Activity
Created in 1945, the Economic and Financial Committee is the Second Committee in the United Nations General Assembly. As outlined in Article 13 of the UN Charter, the reason for the establishment of ECOFIN was to “promote international cooperation in the economic field”. ECOFIN consists of all 193 Member States with permanent membership, which means that no matter a possible financial or social crisis, no country will be left out. Chapter 26 of 1945 underlines ECOFIN’s aim to debate on “macroeconomics policy questions like financing for development, globalization, and eradication of poverty”. ECOFIN is involved in improving the quality of debate and reflecting on current and past decisions.
The work of the Committee falls under eleven thematic clusters:
1. Macroeconomic policies
2. Operational activities for development
3. Financing for development
4. Groups of countries in special situations
5. Globalization and interdependence
6. Eradication of poverty
7. Sustainable development
8. Information and communication technologies for development
9. Agriculture development, food security, and nutrition
10.Human settlements and sustainable urban development
In the 75th Session, the current session of the United Nations General Assembly opened on September 16, 2020, the Committee is focusing on:
Promotion of sustained economic growth and sustainable development in accordance with the relevant resolutions of the General Assembly and recent United Nations conferences
Information and communications technologies for sustainable development
Macroeconomic policy questions
Follow-up to and implementation of the outcomes of the International Conferences on Financing for Development
Sustainable development
Global Code of Ethics for Tourism
Follow-up to the implementation of the New Urban Agenda and strengthening of the United Nations Human Settlements Programme
Globalization and interdependence
Groups of countries in special situations
Eradication of poverty and other development issues
Operational activities for development
Agriculture development, food security, and nutrition
Maintenance of international peace and security
Permanent sovereignty of the Palestinian people in the Occupied Palestinian Territory, including East Jerusalem, and of the Arab population in the occupied Syrian Golan over their natural resources
ECOFIN is administrated by one chairperson, three vice-chairpersons, and one rapporteur. ECOFIN regularly updates its working methods and practices to enable deeper debate and a greater impact on the committee’s deliberations and decisions.
Topics in MUN
Even in these difficult times during the pandemic in Romania, it was tried to keep most of the MUN conferences a reason for joy for the debate enthusiasts. Although ECOFIN may not be your first choice because it is related to finances and economy, I have the pleasure to present you some topics from well-known MUN conferences from our country that may change your opinion about this:
LazărMUN 2021 (postponed): Addressing the issue of modern economic colonialism
CoșbucMUN 2021 (14-17th May) :
1. Topic A: The question of Tax Avoidance and Anonymity created by Shell Companies
2. Topic B: Possible Implementation of Blockchain in Modern Trade
To conclude, as a person that attended most of my MUN conferences in the ECOFIN committee, I really encourage you to give it a try, it might surprise you how many great ideas you can debate and the impact that will have on your perspective. With that being said, be open-minded and try as many new committees as possible.
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