05-01-2026, 11:40 AM
Marina Cantalamessa, Minister Imperial Secretary of State of the Imperial State of Istalia:
Quote:Colleagues of SOMECO,
The Government of the Imperial State of Istalia, together with the Government of the Grand Empire of Deltaria, submits to the SOMECO Council a proposal aimed at initiating a new phase of monetary coordination within our organization, consistent with the level of economic integration already achieved and the shared strategic objectives of regional stability and growth.
The proposal, called the Majatran Currency Alignment Mechanism (MCAM), is intended to be a first structured step toward greater monetary convergence, without compromising the monetary sovereignty of member states.
Main elements of the MCAM:
Maintenance of national currencies
Each member state retains its own currency and full responsibility for domestic monetary policy, respecting its own institutions and economic specificities.
Agreed Fluctuation Bands
Exchange rates between SOMECO currencies are set within predetermined fluctuation margins (approximately ±3%), with the aim of reducing volatility, preventing competitive imbalances and promoting progressive macroeconomic convergence.
Coordinated Interventions in Foreign Exchange Markets
National central banks commit to coordinated interventions if a currency approaches the limits of the band, according to common and previously agreed procedures, avoiding unilateral action.
Role of the Common Financial Surveillance Mechanism
The CFSM assumes a central monitoring role, analyzing inflation, financial stability, capital flows and macroeconomic imbalances, providing the technical basis for collective decisions and any adjustments to the mechanism.
Implicit Reference Currency
Within the system, the Istalian Imperial Lira would act as an informal anchor, by virtue of its stability and the credibility of the Istalian monetary model, without any formal political designation or legal hierarchy.
Istalia and Deltaria believe that the MCAM can strengthen SOMECO's economic resilience, leverage existing energy and industrial interdependencies and create the conditions for further development of the regional monetary integration project.
We remain open to engaging in constructive discussions with all SOMECO partners to jointly develop this mechanism and adapt it to the needs of each member state.