Vallinian Economic Community

Logo of the VEC

The **Vallinian Economic Community**, or the **VEC**, is a regional economic and monetary union comprising 8 countries in Vallinia. Established in the 2307 with Treaty of Bayu Merdu between Encolina and Koiwe to enourage trade, it soon expanded and evolved in size and roles, especially when the Vall was created and adopted as the currency of all its members. It is now considered one of the largest, if not the largest, internal blocs of the Stellar Confederate Union and is thus given Observer status. Meanwhile, the Vall is frequently used in both Vallinia and the wider SCU to supplement the common working currency of Solstand.

## History

The foundation of the Vallinian Economic Community is rooted in Encolina-Koiwe-Timakarna relations, which remained strong since the Great Blackout. The three were enormously impacted by the Secessionist War but all emerge with greater economic and political ties, being member states of the Stellar Confederate Union.

In 2307, delegates from the 3 nations met up in Bayu Merdu, Koiwe to discuss furthering economic integration of the region. Among the topics were the use of the Koiwe-Encolina hypergate route and how it has negatively affected Timakarnan trade. Eventually, a treaty was formalized and signed by all parties, founding the Vallinian Economic Community. Timakarna, however, delayed ratification of the treaty due to an unstable domestic situation, thus only officially joining the organization in 2308.

The next major step came in 2313 with the creation of a single market fully underway and in 2315, the VEC launched the Vall and pushed for its adoption as the primary legal tender of its members. The Vallinian Central Bank was also created that same year to manage the new currency, succedding the Vallinian Monetary Fund. While the Vall started out only in non-physical form, it grew to become one of the most used currency in Colonized Space by the turn of the 2320s.

## Members

There are currently 8 members of the Vallinian Economic Community: the Federal Republic of Encolina, Koiwe, the Republic of Timakarna, the Republic of Zamrud, the State of Edesstan, the Federal Republic of Kalebia, the Otransian Republic, and the Republic of Ava. Accession into the VEC involves the applicant nation meeting strict criteria on economic and political performance.

Encolina, Koiwe, and Timakarna are the three original members, even if Timakarna's entry was delayed by a year. Zamrud joined in 2310, while Edesstan and Kalebia simuntaneously joined in 2311. Otransia joined as the 7th member in 2314, a year before the Vall was introduced. Ava is the last, joining in 2319. A few other countries are interested in joining, like the Republic of San Janero and the Republic of Maesuly, but none have made a formal application yet.

## Institutions

The structure of the Vallinian Economic Community is partly based on that of the Stellar Confederate Union and has four main decision-making bodies: the Secretariat, Council of Ministers, the Parliamentary Assembly of Vallinia, and the Vallinian Central Bank.

### Secretariat

The main executive branch of the organization, the Secretariat is responsible for the day-to-day running of the Vallinian Economic Community as well as upholding laws and treaties. The Secretary-General is the head of the VEC and is first among equals in the Secretariat. The position is rotated among the members annually in order of their joining dates. Currently, the office is held by Tran Yuong-Il of Zamrud. below them are various Secrataries appointed by the Council of Ministers.

### Council

The more powerful of the two legislative bodies of the VEC, the Council of Ministers is made up of a national minister from each of the member states. The composition changes depending on the topic, so a minsterial portfolio will reflect the current discussion. The Council has the power to draft and enact laws, oversee the activities of the Community, and appoint various positions. Member states similarly rotate the Presidency of the Council among themselves.

### Assembly

The Parliamentary Assembly of Vallinia is the second legislative body of the VEC. It has 814 seats, apportioned to each member according to their population. After this, national legislatures get to decide how to appoint representatives to the Assembly, usually proportional to the size of their political parties. The Assembly has a largely consultative role, advising the Secratariat and the Council of Ministers. Recently, however, the Parliamentary Assembly has been able to increase their influence and challenge the other institutions in some cases. Assembly sessions are chaired by the internally elected Speaker of the Parliamentary Assembly.

### Central Bank

The Vallinian Central Bank is the monetary authority of the region, charged with the issuance of the Vall, the maintenance of regional financial stability, and the administration of foreign exchange reserves of the nations of the VEC. Within the VCB is the Governing Board and the Auditing Board, with the Chairperson as the head of the institution.