European Finance Agency Act 2014


  • Commission

    "Councillors, I would like to place the following bill in front of the council for considerations. we now have 48 hours to debate and propose amendments.

    Debate and Proposing of amendments ends at 0908 GMT on 12/11/14"

    European Finance Agency Act 2014
    Authored Jointly by Rt Hon Sir Eric Pickles CEDM, Cllr. Nicola Heaven, Cllr. Edward Firoux
    Proposed by Cllr. Nicola Heaven and Cllr. Edward firoux

    Article 1 - European Finance Agency
    1.1 - This act does hereby set up the European Finance Agency.
    1.2 - The organisation of this agency will be that as is set out in Article 2 & 3.
    1.3. - The role of this agency will be as set out in Article 4.
    1.4 - The restrictions placed upon this agency are as set out in Article 6.

    **Article 2 - Organisation & Leadership **
    2.1 - The European Finance Agency is under the control of the Commissioner for Economic Affairs.
    2.1.1 - The Commissioner for Economic Affairs has the authority to place for election up to two deputies to assist in the running of the agency. These deputies shall be known as European Finance Officers as set out in Article 3.
    2.2 - The European Finance Agency shall be located in Europolis.
    2.3 - The European Finance Agency shall be funded and covered entirely by the European Union budget. This is to ensure that the European Finance Agency will be able to conduct its work properly.

    Article 3 - Finance Officers
    3.1 - The Finance Officers are positions elected by the European Council.
    3.2 - There shall be 2 Finance Officers, a Senior Finance Officer and a Junior Finance Officer.
    3.2.1 - Each Finance Officer shall conduct duties as instructed by the European Commissioner within the boundaries of this act at the beginning of their terms of office
    3.3 - The term length of the Finance Officers shall be for 1 year. Finance Officers can run and hold office for an unlimited amount of consecutive terms.

    **Article 4 - Roles and Responsibilities **
    4.1 - This act does set out the following Statutory Obligations upon the European Finance Agency:
    4.1.1 -The European Finance Agency is responsible for ensuring that all member states of the European Union pay the correct fee for membership of the European Union.
    4.1.2 - This shall include pre-calculation of each member states contribution in line with EU requirements prior to the release of the EU budget.
    4.1.3 - The European Finance Agency has the authority to take member states who fail to pay membership fees to the European Court of Justice.
    4.1.4 - The European Finance Agency shall be responsible for ensuring that any surplus is returned to those member states.
    4.1.5 - The European Finance Agency shall be responsible for monitoring the health of the European Union.
    4.1.5.1 - This shall be done by reporting on the state of each member states economy at least every quarter year (Jan-Mar/Apr-Jun/Jul-Sep/Oct-Dec).

    4.2 - This act does also set out the following non-statutory responsibilities for the European Finance agency:
    4.2.1 - The European Finance Agency has the authority to provide credit ratings to member states of the European Union.
    4.2.2 - If requested by a member state, the European Finance Agency may provide economic advice to the member state in order to assist in its economic affairs.
    4.2.2.1 - The European Finance agency is restricted in this affair under Article 6

    Article 5 - Accountabilities
    5.1 - The European Finance Agency is directly responsible to the European Commission.
    5.1.1 - It is the Senior Finance Officer who is responsible for ensuring that the agency completes its statutory obligations.

    Article 6 - Restrictions
    6.1 - The European Finance Agency does not have the authority to regulate member states economic policies

    Article 7 - Implementation Timescale

    7.1 - The European Finance Agency will be open from the 1st January 2015 with the first elections taking place within 2 weeks prior of that date.


  • Moderator

    Ah, much better.

    For those who are confused, this bill was abruptly removed from the Council floor, quickly patched up, and is now back on the floor. Debating and questions are now open once again.



  • The inish seat to the European Council will be giving its support to the European Finance Agency Act.

    Alistair Niven, MEC.


  • group:cid:2:privileges:mods:members

    How are the elected finance officers held accountable?


  • Moderator

    QUOTE (Os Corelia @ November 10th, 2014 - 18:20)

    How are the elected finance officers held accountable?

    By the electorate, and to a lesser extent, the Economics Commissioner.

    It's similar to other elected council positions. For example, should the Council Speaker not do his/her job properly, then he/she probably won't be elected to their position again. Responsible government.

    The Finance Officers are more or less supposed to work as helpers and advisers to the Econcomics Commissioner. So if they don't do their job, then the Commissioner will be responsible to do their work for them. Should the Economics Commission fail to do that, then they are accountable by the same measures outlined in our Constitution. Again, we elect our Commissioners and we also have the powers to impeach them if we believe they are not doing good enough jobs.


  • Commission

    What Cllr Firoux said is perfectly correct and I would like to echo exactly what he said.


  • ECoJ

    Could we impeach the officers? Asked James Tournay


  • Moderator

    QUOTE (Poretos @ November 11th, 2014 - 1:23)

    Could we impeach the officers? Asked James Tournay

    That would be redundant because there is no need. They are already accountable, and again, if they aren't doing their jobs, it wouldn't be that big of a loss since the Economics Commissioner is also responsible for doing it. The Officers act as advisers, and they are responsible for making sure that the statutory obligations are met. They do this by aiding the Commissioner and making sure he has all the help necessary.

    Having to impeach the Finance Officers would be of the same equivalence of impeaching any other adviser to any of the other Commissioner.

    I am getting the feeling that some don't quite understand what this agency is and what it does. This agency is meant to increase the transparency of the European Union and it's funds. This would allow the EU to monitor and make sure that all membership fees are paid, and that all surpluses are returned. This would make sure no money is lost along the way, and that all member states are properly contributing. This would also give greater insight into the EU as a whole, and would offer reports on European economies. This would not only gives the member states more insight on how to further develop, but it would also help the EU shape and form it's own economic policies. This agency gives transparency to this money. It doesn't spend any of it, except of the money provided by the budget that are needed to fund this of course. There is no representation needed, as again, there is nothing to represent. This organisation is only giving a better understanding of how much money is coming, how much is being returned, and of how the the status of the EU economies are either growing or decreasing. This isn't a bank, or a policy-making body.


  • ECoJ

    Thank you very much, however I am just trying to cover all the bases to ensure there are not loopholes or openings for any form of corruption which would make the entire bill redundant.


  • Commission

    I would again like to echo the words of councillor Firoux. I ... sorry we did not write the bill in such a way that the advisors hold any major power. They are more advisors to a commissioner, except they are elected and have a salary.


  • Commission

    With no amendments proposed it is time to move onto final voting.

    We have 72 hours to vote therefore voting will end at 09:08 on Saturday 15th November 2014.

    I shall start

    On Behalf of the Commonwealth of Davishire I vote FOR this bill.


  • Moderator

    I, Edward Firoux, on behalf of the Microstate of Inquista, vote FOR this act.



  • I, Marianne Linden, on behalf of the Imperial Prussian State, vote FOR this act.



  • Our concerns have been mostly satisfied by the fixes. I, Acwellan Devoy, on behalf of the Duxburian Union, vote FOR the bill.



  • I, Gabriela Espinosa, on behalf of the Federal Republic of Northern Caesarea, vote FOR this act.


  • ECoJ

    I, Sir James Tournay, on behalf of the 1st Constitutional Monarchy of Poretos, hereby vote FOR this act.


  • Commission

    With 5 votes for, none against and no abstentions I can confirm that this bill is now an Act!

    I would like to invite the premier commissioner to step forward and formally sign this act into law!


  • group:cid:2:privileges:mods:members

    The Premier had been in his office writing up his weekly assessment of council activity and had been working through the details of the European Finance Agency Act when his Chief of Staff knocked on the door 'Looks like the act has passed and your needed in the chamber'. This was always an enjoyable part of the job for the Premier as he could bring a sense of ceremony to work.

    He walked over the sky bridge to the council building with his chief of staff and PA. He loved the view over Europolis from the sky bridge, the old cathedral, the Europolis parliament, the great lake and thought to himself one day I will stop and really look at this view. He then entered the council building and made his way into the chamber waiting for his cue.

    The Premier stepped forward and shook Councillor Heaven's hand before pulling out his pen case from the briefcase then removed the pen taking off its cap. 'I will now in my capacity as Premier Commissioner of the European Union Sign the European Finance Agency Act into law'. He then found the correct space on the document where his name was printed, drew a line using his ruler and placed his signature on the bill document. He then placed the bill inside its document wallet and passed it to the speaker.


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