European Wealth Fund Act
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European Wealth Fund Act
Proposed by Cllr. Emma Granger (Montenbourg)
PREAMBLE
To establish an European Wealth Fund to undertake a diversified portfolio of medium and long-term inside the Union and foreign investment to build a savings base for purposes of the European Union institutions development.
SECTION I
I. The Fund shall be a public fund and shall be vested in the European Union and belong to the people of Europe collectively.
II. The object and purpose of the Fund shall be to build a savings base for the people of Europe.
a) protect and stabilize the European budget and economy from excess and volatility on member nations domestic economies.
b) provide a mechanism for the diversification of surpluses of the European budget.
c) assist monetary member states authorities on liquidity situations.
d) fund social, economic development and any other strategic objectives of
the respective member states under the review of the Board, and approval of the Premier Commissioner.
SECTION II. FUNDING
I. Using the budget of the European Union 2020-2021 ,the initial start-up capital of the Fund shall comprise of ten billion euros (€10,000,000,000.00) to be provided in the annual estimates; under an account at the European Central Bank.
II. Without prejudice to the generality of subsection there shall be paid into the Fund, from earnings of the use of these funds under-
(a) capital from privatization proceeds;
(b) dividends from member states corporations;
(c) all oil, gas and minerals revenues;
(d) revenue from other natural resources; and
(e) funds from any other source.
SECTION III.- CHAIRMAN AND BOARD OF TRUSTEES
I. There shall be the European Wealth Fund Board which shall comprise of—
(a) the Chairman;
(b) and five members named Trustees;
II. The Board shall─
(a) provide advice and general direction to the European Council and Commissioners having due regard to the objects of this Act;
(b) receive and approve the investment guidelines prepared by the Foreign Commissioner, on his duty to promote and put funds outside the European Union; receive and approve the investment guidelines submitted by the European Council, and European Commissioners and provide advice and general directions, where necessary;
(c) receive and approve possible investment guidelines by the trustees and chairman of the Fund, the performance of the Board or any other matter relating to the Fund that the Board considers necessary.
III. The Board may recommend removal of any member of the
Board if the member—
(a) has been absent from three consecutive meetings of the Board without the permission of the Chairman and is unable or has neglected to furnish any plausible reason for his absence;
(b) the member nation is adjudged bankrupt or enters into a composition or
arrangement with his creditors;
(c) is disqualified under any provision of the Constitution or any other written law approved either by sentence of the European Court of Justice or the European Council;
IV. There is established a board of trustees which shall be vested with the responsibility of managing the Fund. The Board shall be a body corporate with perpetual succession and a common seal and shall be capable in its corporate name of—
(a) suing and being sued;
(b) taking, purchasing or otherwise acquiring, holding, charging and or disposing of movable and immovable property in and outside Europolis;
(c) borrowing and lending money; and
(d) doing or performing all such other things or acts necessary for the proper performance of its functions under this Act, and which may lawfully be done or
performed by a body corporate.All these actions after the approval of the Board which shall be a simple majority with the assent of the Chairman.
V. The appointment and qualification of the chairperson and members of the Board shall be as follows
(a) holds a minimum of a degree of Finance, Economics or International Relations from a university recognized in the European Union;
(b) has experience in a senior management position in either the private or public sector;
(c) holds at least ten years relevant post-qualification professional experience;
(d) where a vacancy occurs the Speaker of the European Councill shall call to elections in which they elect the six members of the board including the future chairman, in the case that this has not been elected.
(e) the period for the Trustees will be of five months, and for the Chairman six months.VI. The Board shall have all the powers necessary for the proper performance of its functions under this Act. Without prejudice to the generality of the provisions of any of the sections, the Board shall have power to—
(a) enter into contracts;
(b) manage, control and administer the assets of the Fund in such manner and for such purposes as ambest promotes the purpose for which the Fund is established;
(c) receive and consider all requests and applications from eligible persons, in case a member dies or abdicates;
(d) approve or reject such applications in accordance with the provisions of this Act;
(e) subject to the provisions of this Act, exercise discretion in the application of the Fund;
(f) receive any grants, gifts, donations or endowments;
(g) open a bank account for the Fund into which all moneys received by or on behalf of the Fund shall be paid in the first instance and out of which all payments made by the Fund shall be made;
(h) undertake any activity necessary for the fulfillment of any function of the Fund under Act.VII. The headquarters of the Board shall be in Europolis and there shall not be offices at any other place.
(1)The Board may regulate its own procedure.
(2) The Board may invite any person to attend any of its meetings and to participate in its deliberations, but such person shall not have a vote in any decision of the Board.
SECTION IV.- FINANCIAL PROVISIONS
I. At least three months before the commencement of each financial year, the Board shall cause to be prepared estimates of the revenue and expenditure of the Fund for that year.
II. Where the Board invests in a member state country or foreign, it shall operate in accordance with the laws of the host country where the investment is situated.
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Debate starts NOW and will last until 06:00 GMT on August 15th, 2020.
Hmmm. I'm unsure how I feel about this.
One thing I can say for certain is that the funding outlined in Section II is beyond too much. For starters, the EU only has a budget of €73 billion to spend, and half of that is already allocated to other programs. The EU doesn't have €10 trillion to spend. €10 trillion is bigger than the total economies of Spain, Vayinaod and Fremet combined. I think you perhaps mean €10 billion, which is much more appropriate number? That's the number you provided in brackets, so I assume that's what you really meant.
My main reason for being hesitant about this is because states do not contribute to the European Union budget equally. Inquista alone contributes 23.25% of the total EU budget, and we'd rather not have that money siphoned into a rainy day fund for other states to use. Inquista is already commited to a great deal of humanitarian and developmental work, and we'd rather retain autonomy over how we finance these efforts rather than giving our money to this board.
Edward Firoux
Council Speaker and Councillor for Inquista -
The Union of Duxburian Dominions opposes any effort to turn regional funds into a slush fund for pet projects in individual member states. That's really not the purpose of the European budget. About 21% of that money is ours and is collected for the purposes of running the region's institutions and funding its acts. We didn't and won't agree to shunt some of it to exclusive projects in arbitrary places.
Any outcome of the surplus other than being returned to member states at the end of the fiscal year as it always has been is completely unacceptable.
Wesley Greene
Councillor of the Duxburian Union -
Final voting begins NOW and will last until 19:45 on August 18th, 2020.
On behalf of the Most Blessed State of Inquista, I vote AGAINST this Act.
Edward Firoux
Council Speaker and Councillor for Inquista -
On behalf of the Union of Duxburian Dominions, I vote AGAINST the act.
Wesley Greene
Councillor of the Duxburian Union -
On behalf of the Kingdom of Spain, I vote AGAINST this act.
Donald D. Tusk
Councillor for Spain -
On behalf of the United Kingdoms of Mennrimiak, I vote AGAINST this act.
Adam Karlssen
Councillor for Mennrimiak -
On behalf of the Republic of Nofoaga, I vote FOR this act.
Mrs. Azaya Dubecq
EU Councilor for the Republic of Nofoaga -
On behalf of the Kingdom of Montebourg, I vote FOR this act.
Emma Granger
Councilor for Montenbourg -
On behalf of the Commonwealth of Leagio, I vote AGAINST this act.
Francis Plessis
EU Councilor for Leagio -
On behalf of the Kingdom of Fremet, I vote AGAINST this act
Charles Michel
Councillor for the Kingdom of Fremet -
On behalf of the Kingdom of Pravoslaviya, I vote AGAINST this bill.
Cllr Tupac Shakur
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With 2 votes for and 7 votes against, this bill has been REJECTED.
Edward Firoux
Council Speaker and Councillor for Inquista
The Kingdom of Spain
