New currency? Not a good option
G-20 is a committee that in this edition of the TJ MUN will be focusing on the De-dollarization of the global economy. The main issue in this committee is to attempt to gradually reduce the dollar’s dominance in international trade, finance, and reserves, as countries seek alternatives for conducting global transactions. In this committee it is noted that they have established the main solutions to be taken into account and the delegates have tried to develop these solutions deeply. So far the delegates who seem to dominate the debate are the United States, Mexico and the United Kingdom. On the other hand, the delegate from Argentina has been lost on the issue and continues to fight the delegates from Germany and the United Kingdom even though the debate had taken another route.
The main solution being debated is whether to create a new currency or make a stronger one to globalize it and to devalue the dollar. Although the United States did not comment much on the subject, it disagrees with the idea of creating a new currency since it does not make sense. Mexico and other delegations agree with the United States, but others like the UK and Germany initially began to debate that the best way to devalue the dollar was to create a new currency and globalize it so that international exchange would be easier for all other countries. Suddenly the UK changed its beliefs and proposed to make the Euro stronger so that it would replace the Dollar. This solution was not well accepted by the other delegates, Mexico and USA declined it instantly. On the other hand Argentina is still against the UK and Germany, these delegations are out of theme and completely lost with the things that are being said.
In conclusion, this committee is currently heading in two opposite directions. Therefore some delegations are dominating the debate and others have completely lost the theme and issue. The course this committee will take is uncertain and very exciting. Willing to know what will happen next and the other solutions that will be added to the final resolutions.
