Economic and Financial Committee


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Topic A: Competitive Currency Devaluation

At first glance, the issue of competitive currency devaluation seems like a rather technical issue. During the recent financial crisis, Greece, however, has experienced the hard consequences of poor fiscal and monetary policies. Being a member of the Eurozone, Greece is subject to the Eurogroup’s decisions on the Euro. Even though debating the future of the Euro has been quite controversial over the course of the last years, Greece still strongly supports the coordination of monetary policies on regional levels, such as within the Eurozone, as well as on an international level.

Despite the necessity of cooperation, monetary policy has to be understood as an important element of national sovereignty. As such, limiting a country’s leeway on monetary policy directly limits its leeway on its economic policy. Greece can only support an approach by ECOFIN which is based o...

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