Fairness in Currency Exchange - General Assembly

[Myroria]

The World Assembly,

RECOGNIZING the importance of international commerce and industry,

DETERMINED to promote both free and fair opportunities for international trade,

NOTING that the most WA member nations have their own separate currencies, and that the effective values at which these can be exchanged for each other can vary from market to market as well as over time,

CONCERNED that inefficiencies involved in this exchange process, including a lack of up-to-date knowledge about effective values, may impede the natural flow of trade between nations,

ELUCIDATING that as exchanging currency that comes from any one nation for currency that comes from any other nation is a form of international trade this business does not count as a purely ‘domestic’ form of economic activity, and that this business is therefore not covered by any limitations that the World Assembly may have accepted on its right to intervene in member nations’ domestic taxation policies;


1. DECLARES that the governments of WA member nations:
a) May not impose any special taxation upon the process of exchanging currency from any one nation for currency that comes from any other nation, nor permit any sub-national government or other organisation within their jurisdictions to do so either, although any general taxes that are applicable to all other forms of commercial activity within those national or sub-national jurisdictions may also be imposed upon this business;
b) Have the right to decide for themselves whether the currency exchange business within their own territories shall be handled by government agencies, by commercial enterprises, or by both of those possibilities;
c) May not allow any commercial enterprises to have or be party to legally-protected monopolies or oligopolies over this currency-exchanging business within their jurisdictions;
d) May not allow any government agencies to have legally-protected monopolies or oligopolies over this currency-exchanging business within their jurisdictions unless those agencies conduct this business purely on a non-profit-making basis and do not charge fees for doing so that exceed the levels necessary to cover their reasonable expenses;
e) May not permit any bodies that are carrying out currency-exchanging operations within their jurisdictions to practice favouritism or unfair discrimination in this business;

2. CREATES the World Currency Exchange Commission (or WCEC) to monitor exchange rates between the currencies of World Assembly members, and declares that:
a) WCEC must collect accurate information about international exchange rates, on as frequent a basis as is reasonably possible, and must make this information freely available to all governments, businesses, and individuals within WA member nations;
b) All governments, businesses, and individuals within WA member nations must cooperate with WCEC in the gathering of this data, and must make the information that WCEC provides to them freely available to all interested parties;
c) WCEC has the power of binding arbitration in any appeals about the application of this resolution’s terms within particular nations that may be brought before it, including the power to order the payment of appropriate compensation to any people who have been adversely affected by abuses of these rules, and there is a general right of appeal from all member nations’ own legal systems to WCEC for this purpose.

[Zimmerwald]

Who the boop thought this was a good idea?  No, no, a thousand times no.

[Myroria]

Normally I don't say anything concerning WA resolutions, but I would like to say I am too in opposition to this resolution. I shall not vote in this poll, though.