With an aging political field, our country’s need of the hour is an influx of young blood into the socio-economic spectrum of the government. This was the primary motivation behind the G20 summit organized by the Economics and Finance Society of Manipal (ESOM). What set it apart from similar events occurring in the university was that its sole focus was the dynamics of the global economy with regard to the maintenance of transparency globally.
Chaired by Chetan Singh and Aditya Malani the summit featured an ensemble of delegates with a mix of both first timers and veterans of the Model UN. The topic focused on was the increasing need to reform global economic practices to adapt to the emergence of cryptocurrency like the Bitcoin, and to deal with practices like shadow banking.
Day 1 comprised a round-robin Briefing Session, with each delegate being allotted 120 seconds to put forward their nation’s stance on cryptocurrency. Delegates of the participating countries discussed a broad spectrum of pros and cons on the given topic. Sparks started to fly at the beginning itself with an intense rivalry developing between the delegate of U.S.A and the representative of the European Union.
Day 2 featured an Agenda Overview Session with deleg
ates discussing various means to better regulate shadow banking. It was an extremely informative session, and shed more light on the stances of different countries’ banks with respect to tracing the flow of money in their respective economies. This was followed by another session dealing with tax savings which was marked by the valiant fight put up by the delegate of the United Kingdom to defend his country’s status as a tax haven. The day concluded with a Decision session in which the delegates drafted a communique detailing the measures taken by the Committee to deal with the Summit’s agenda. However, the draft was vetoed by the delegate from the UK resulting in it being scrapped.
The event’s success was only slightly marred by a below-par turnout. However, after a strong debate in terms of quality, the organizers were optimistic about improving the turnout in the following years.