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View Backgrounder CAIMUN 2021 GROUP OF TWENTY Background Guide B CANADA INTERNATIONAL MODEL UNITED NATIONS Tenth Annual Session | May 28-30, 2021 Dear Delegates, Othman Mekhlouf Welcome to the Group of Twenty. My name is Andrew Liu, and it is Secretary-General my pleasure to serve as your Director at CAIMUN 2021 alongside your Chairs—Joshua Dar Santos and Megan Wang. I am currently in my junior year at St. George’s School, and I have participated in Model UN since Grade 9 as both a delegate and a staff member. Angel Yuan Director-General Model UN has been an essential part of my high school life, and I am grateful for the amazing friendships and experiences that I have gained Nikki Wu along the way. For me, Model UN is truly the best way to encapsulate Chief of Staff the sophistication of debate, public speaking, and international affairs. My own experiences with Model UN have helped me improve my public speaking skills as well as my interpersonal skills of communication and negotiation. I can assure you that you too will undergo such an Matthew Leung Director of Logistics experience at CAIMUN 2021. This year, the two topics to be discussed are Adapting Economically Madeline Kim Sustainable Climate Change Policy and The Collapse of the Venezuelan USG of General Assemblies Economy. Our frst topic discusses an environmental threat to global prosperity that the committee must address, and our second topic is a unique crisis that focuses on a volatile economic situation in Venezuela. I Mikael Borres am eager to hear the creative solutions you will doubtlessly conceive. USG of Specialized Agencies Bearing that in mind, I wish you all the best in your research. If you have Alec Yang any questions, please feel free to contact me via email at g20@caimun. USG of Delegate Affairs ca. I look forward to meeting all of you at the conference. Sincerely, Caitlin Adams USG of Delegate Affairs Andrew Liu Director of the Group of Twenty — CAIMUN 2021 Emily Hu USG of Media Table of Contents Committee Description .................................................................................................................................. 2 Topic Overview ............................................................................................................................................. 4 Timeline of Events ......................................................................................................................................... 5 Historical Analysis ........................................................................................................................................ 7 Current Situation .......................................................................................................................................... 13 Initiating Crisis ............................................................................................................................................ 19 Potential Solutions ....................................................................................................................................... 20 Bloc Positions .............................................................................................................................................. 23 Discussion Questions ................................................................................................................................... 26 Further Resources ........................................................................................................................................ 26 Bibliography ................................................................................................................................................ 27 Canada International Model United Nations 2021 1 Committee Description In 1997, the Asian financial crisis, sparked by the collapse of the Thai baht—Thailand’s national currency—spread across much of Southeast Asia. The subsequent failure of regional currency markets created a spillover effect whereby investors would pull out of Asian markets one after the other, devastating Asian economies and threatening to spill over into a global economic meltdown. The Group of Seven (G7), which was the largest and most influential international economic organization at the time, was startled by the financial shocks caused by the Asian financial crisis, which affected all foreign investment into the continent.1 Subsequently, the G7 formed in 1999 a new and larger economic organization that included both advanced and emerging economies from around the world intending to promote international financial stability—the Group of Twenty (G20).2 At its inception, the G7 touted the newly formed G20 as a mechanism to facilitate dialogue on key economic and financial policy issues and to promote cooperation for sustainable economic growth.3 The committee consists of 19 member nations as well as the European Union.4 While Italy currently holds the Presidency, the seat rotates annually, and the country holding the position is given the responsibility to set the committee’s priorities for the year and decide which topics will be discussed at the annual Leaders’ Summit, which is the G20’s annual conference. Along with its permanent member nations, the committee also includes multiple permanent guest invitees, including the World Bank, International Monetary Fund (IMF), Organization for Economic Cooperation and Development (OECD), African Union (AU), United Nations (UN), and more. These permanent invitees are deemed to be organizations of importance to the global economy that can provide expertise in specific areas. The G20’s annual topics can be categorized into two groups: financial stability and socio-economic development. Its mandate is to “promote discussion and study and review policy issues among industrialized countries and emerging markets to promote international financial stability.”5 To that end, the G20 is currently involved in three primary areas of discussion: "Empowering people," especially women and youth, "safeguarding the planet" by preserving natural resources and promoting sustainable development, and "fostering prosperity" by promoting digitalization and innovation.6 1 http://www.g20.utoronto.ca/g20whatisit.html 2 Ibid. 3 Ibid. 4 http://www.g20.utoronto.ca/members.html 5 Ibid. 6 https://www.g20.org/en/priorita.html Canada International Model United Nations 2021 2 The G20 itself does not possess any political or legal power as it serves as a forum more than a decisive body that makes binding or concrete decisions, but the committee’s members wield vast influence around the world—collectively, G20 economies account for nearly 90 percent of global GDP and 80 percent of world trade.7 As such, the committee usually accomplishes its goals by committing its members to sets of actions and policies agreed upon at its annual summits. For example, at its 2019 Osaka Summit, G20 leaders committed to providing universal internet access by 2025 through increased investments in fibre optics infrastructure and pro-competition market policies.8 Historically, the G20 has been successful in guiding the global economy through the macroeconomic financial policies it usually employs, such as when it played a crucial role in stabilizing the global economy during the 2008 financial crisis. After the Great Recession in 2008, the G20 helped to stabilize the world economy by finalizing a USD 1.1 trillion injection of financial stimulus into the global economy, which included tax cuts across the board and increased government spending into infrastructure and social programs.9, 10 Overall, the Centre for International Governance Innovation, a non-partisan think tank on global governance, concludes that the G20’s response to the 2008 crisis was generally effective at mitigating the economic fallout.11 Since then, the G20 has reshaped finance by implementing structural reforms for the global financial sector, mainly through increased government oversight. For example, after the 2008 crisis, the G20 spearheaded the Basel Standards, a global regulatory framework for financial institutions that focuses on increasing bank liquidity and decreasing leverage.12 The committee has also increased the lending capacity of the International Monetary Fund (IMF) to aid economies in crisis.13 In response to the COVID-19 pandemic, the IMF has dispensed over USD 100 billion of emergency loans to over 85 countries to stabilize their struggling economies.14 In recent years, however, confidence in the G20’s effectiveness has waned somewhat as the past few summits have failed to produce concrete economic plans. For example, numerous countries and the International Labour Organization (ILO) have called on the G20 over the last few years to address unemployment and rapidly rising inequality. Yet, the G20 never adopted any of the 7https://ec.europa.eu/info/food-farming-fisheries/farming/international-cooperation/international- organisations/g20_en 8 http://www.g20.utoronto.ca/2019/2019-g20-trade.html 9 https://www.brookings.edu/articles/assessing-the-g-20-stimulus-plans-a-deeper-look/ 10 https://economictimes.indiatimes.com/news/international/world-news/g20s-achievements-for-global-economy- since-the-2008-crisis/articleshow/54251577.cms?from=mdr 11 https://www.cigionline.org/sites/default/files/g20_no_3_0.pdf 12 https://www.rba.gov.au/publications/bulletin/2019/jun/a-decade-of-post-crisis-g20-financial-sector-reforms. html#:~:text=The%20initial%20post%2Dcrisis%20focus,OTC)%20derivatives%20markets%20and%20the 13 Ibid.
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