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Michael Noonan as the Minister for Finance of the Republic of Ireland

Represented by Beatriz García

TOPIC A: Proposals for debt restructuring programs for any indebted Eurogroup country

The path towards the monetary union has been one not exempt of successes nor backlashes. The Maastricht treaty 1992, set the starting conditions for the monetary union, despite in the matter of deficit the initial requirement, not met by barely any member, had to be postponed. This way, we joined a flawed economic union, which lifted our interest rates and internal economies through the period of 2000-2008. Nevertheless, the system proved to have serious flaws when the Wall Street Crash hit the European Economic area in 2008, mainly based on the structural differences regarding the different nationalities that integrate the euro-zone, all united by the desire to grow stronger together despite recognizing the particularities of each country.

Towards the harmonization of debt in the Eurozone the Stability and growth pact was approved in 2003, stating that debt cannot be above 60% of GDP. Knowing that this measure is a need but nevertheless not enough, this Committee has set the grounds for the creation of National Insolvency Frameworks.It has been stated in this committee that the major costs of debt...