European Finance Agency Act 2014

Angleter

EUROPEAN FINANCE AGENCY ACT

Proposed by Davishire :: Passed (6-0), November 15th, 2014 :: Repealed by Cllr. Edward Firoux (Inquista) (9-0), July 11th, 2020

This Act does hereby set up the European Finance Agency.
The organisation of this agency will be that as is set out in Sections II and III.
The role of this agency will be as set out in Section IV.
The restrictions placed upon this agency are as set out in Section VI.

The European Finance Agency is under the control of the Commissioner for Economic Affairs.
a. 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 Section III.
The European Finance Agency shall be located in Europolis.
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.

The Finance Officers are positions elected by the European Council.
There shall be 2 Finance Officers, a Senior Finance Officer and a Junior Finance Officer.
a. 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.
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.

This Act does set out the following Statutory Obligations upon the European Finance Agency:
a. 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.
b. This shall include pre-calculation of each member states contribution in line with EU requirements prior to the release of the EU budget.
c. The European Finance Agency has the authority to take member states who fail to pay membership fees to the European Court of Justice.
d. The European Finance Agency shall be responsible for ensuring that any surplus is returned to those member states.
e. The European Finance Agency shall be responsible for monitoring the health of the European Union. 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).
This act does also set out the following non-statutory responsibilities for the European Finance agency:
a. The European Finance Agency has the authority to provide credit ratings to member states of the European Union.
b. 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. The European Finance agency is restricted in this affair under Section VI.

The European Finance Agency is directly responsible to the European Commission.
a. It is the Senior Finance Officer who is responsible for ensuring that the agency completes its statutory obligations.

The European Finance Agency does not have the authority to regulate member states' economic policies.

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.