Tackling the issue arisen by the act of convergence of institutions in the economic and monetary union (EMU).
The developed countries are attempting to increase the rates of convergence within the European Union in order to achieve a similar income. Thus, LEDCs are expected to grow and expand faster economically than any other country. Since countries have to develop rapidly, they are relying on those developed countries for income rather than implementing new platforms that can take part in expanding the country’s economy. This brings forth many issues such as the sovereign debt crisis in which it was difficult to have an economic union that is capable of sustaining the monetary union. Delegates in the ECOFIN council should explore different strategies which can include the use of different technological advancements that can help developing countries be dependent on themselves in regards to developing and achieving the convergence expected by the sustainable countries.
Acknowledging the drastic liabilities of cryptocurrencies against its benefits.
Cryptocurrency is based on a digital currency that secures financial transactions electronically and more efficiently. This has opened up the chances of sending transactions to any part of the world while taking up less costs. Although, cryptocurrencies don’t depend on central authorities, making countries not have access to this type of currency. In other words, it is risky for countries to depend on such digital currencies which include Bitcoin and Ethereum as it’s controlled by an unknown domain. Should it be dependent on by countries regardless of its unsecure nature? Should it replace other currencies within the economy? Hence, the council should work together to set out the risks and benefits of relying on cryptocurrencies for different transactions in order to draw a conclusion towards using it as an established currency worldwide.
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