“If a financial institution is too big to fail, it is too big to exist.”
– Bernie Sanders, U.S. Senator.

Something that hardly ever happened before- has taken place in 2008. An egregious financial crisis has taken the world into unprecedented and grappling times where there has been a despicable blow at the financial conditions of the world economies. This has left the world dejected, disillusioned and senile.

The 2008 Global Financial Crisis is a conundrum, leaving a trail of destruction and despair. The crisis that originated from the US subprime mortgage market has now quickly spread to other parts of the world, leading to the collapse of Lehman Brothers, one of the world's largest investment banks.

The effects of the crisis were felt worldwide, and the European Union, being one of the largest trading blocs, was hit hard. Several member states, including Greece, Ireland, Portugal, and Spain, faced sovereign debt crises, leading to political and social turmoil. The crisis exposed the weaknesses in the EU's financial regulatory framework, revealing its inability to prevent such a crisis and its lack of preparedness to handle it. The long-term repercussions that the crisis carries remains a concern for the EU, with mounting debt levels and sluggish economic growth.

“The current financial crisis is not simply the result of a few mistakes made by a handful of bankers. It is a crisis of a system,” proclaimed Nobel Prize-winning economist, Joseph Stiglitz.

This crisis is an abyss of unfathomable consequences, plunging us into a chaotic vortex. Financial institutions crumble like pillars of sand, stock markets descend into a bottomless pit, and a suffocating fear pervades every corner of our existence. It is imperative, nay, a matter of life and death, that we grasp the urgency and enormity of this perilous hour. Swift and decisive action must be summoned forth, a beacon of hope in this sea of darkness. Measures must be taken to salvage the very fabric of our economic existence—improving debt sustainability, fortifying the crumbling ramparts of financial regulations, and championing responsible borrowing as our shield against impending doom. The future of the economies of the European Union hangs precariously in the balance, contingent upon the delegates' ability to forge tangible solutions that shall safeguard our long-term stability and unlock the gates to prosperity.

Remember- it is your duty to be the changemakers- and preferably, for the good.

CHAIRPERSONS’ ADDRESS

Delegates,

It is an absolute honour and pleasure for us to welcome you to the European Commission, at the 13th edition of JacoMUN. The events of the 2008 global financial crisis have reshaped the world in profound ways, leaving an indelible mark on our collective consciousness. It is imperative that we delve deep into the intricate tapestry of history, unravelling the complex threads of economic collapse, financial systems, political ramifications, and societal transformation.

The magnitude of the crisis necessitates our unwavering commitment to comprehending its origins, consequences, and, most importantly, the lessons it has to offer. You delegates hold the responsibility, akin to a guardian, of safeguarding the well-being and prosperity of the European Union. As you sit here today, your personal aspirations become intrinsically linked to the broader objective of protecting your homeland, where the roots of your people, the future of your country, and even your very existence are at stake.

Greetings Delegates,

I am Saksham Gupta, a recent graduate from St James' School, and plan to start college this August. I have an active interest in sports, dance and music , but the love for finance is what dives me to track the markets daily. Other than that, Entrepreneurship including the working of new-age startups, management and fundraising is a field which excites me a lot. If there is any Suits, How I Met your Mother, or B99 references, you are already in my good books.

This will be my 4th and last JacoMUN Conference and the journey has been exhilarating, starting from the eight grade where I struggled to find my voice, to now having the privilege to chair this committee. Model UN exemplifies the power of thoughtful collaboration, where the most successful delegates are those who can identify common ground and craft innovative solutions that leave a lasting positive impact on nations and the world. Therefore, fear not and embark on this journey with enthusiasm and open minds, embracing the spirit of diplomacy, cooperation, and meaningful dialogue!

Greetings delegates,

My name is Dighvij Chirimar and I will be serving as your Chairperson alongside Saksham for the three days of the conference. Presently, I am a Commerce Student in class 12 at St. James’ School. Being an economics enthusiast, I believe that this subject governs the ideals, mannerisms and behaviour of the society. Please do not feel concerned about the economic aspect of this committee, because we want to focus more on your critical thinking capacity and diplomacy. Apart from public speaking, my interest lies in the fields of music, business and finance and sports.

I have always believed that the journey becomes more important than the destination. My journey of public speaking began in class 3 when I went up on the stage for the very first time. Now, getting the opportunity to represent my school at various events all across the country, this journey has moulded me into a more confident person. I am unaware of what my destination is but deep down I know that this journey will lead me into being the best version of myself.

So delegates, ride the tide during the three days. Focus more on the journey- the way of getting to the destination, and while doing that- enjoy it. Learn from it, and at the end- the destination is just a by- product of the journey.

Till then, if you have any doubts or clarifications regarding committee or procedure, feel free to write to us at ec.jacomun23@gmail.com

Until July,
Saksham Gupta and Dighvij Chirimar,
The European Commission, 2008.
Chairperson and Under- Secretary General for Administration,
JacoMUN'2023.