Economy of the UNAC
The economy of the United Nations of the Auroran Continent (UNAC) is the largest customs and free trade area on Urth. As of 1 December 2021, the economy of the UNAC comprises 22 sovereign nation-states. 21 of the member states of the UNAC are upper income nations while 1 is an upper middle income nation. 21 member states of the UNAC (except K'undzeti) including one other non-UNAC nation (i.e., Baykalia) are members of the Kirib Monetary Union (Kiribzone) using the kirib as their sole legal tender.
Legal framework
The laws of the UNAC govern the economy of the UNAC. The power to make laws which control the economy of the UNAC are shared by the UNAC and the member states. The Commission of the UNAC proposes and executes legislation while the Auroran Parliament and the Council of the UNAC discuss and approve legislative proposals. The Council of the UNAC can pass temporary or extraordinary acts which can circumvent existing laws which govern the UNAC economy. The treaties of the UNAC namely the Charter of the UNAC are the highest laws and they guarantee free trade, travel and movement of capital and create systems and structures for the coordination of economic, trade and fiscal policy among UNAC member states. Member states of the UNAC vary widely in their ideological stances but they all share some form of mixed socialist-capitalist economics.
Currency
The Kirib is the legal tender of all the member states of the UNAC except for Kundzeti which is transitioning from the provisional mark.. Once that transition is complete, all of the member states of the UNAC will use the kirib as their sole legal tender. The Auroran Central Bank (ACB) is the central bank of the Kiribzone. It is formally outside and independent of the UNAC. However, because most of the member states of the ACB are also members of the UNAC, the monetary policy of the ACB serves the interests of the UNAC economies. The Kirib the largest reserve currency in the world and it serves as the primary medium of exchange of the International Banking Exchange Cooperative. Thus, this gives the UNAC significant clout over the international financial system. The Kirib trades at 1 to 1 parity with the SHD. The Kirib is a free floating currency known for its remarkable stability and confidence. The countries with the largest reserves of Kiribs outside the UNAC are the United Confederation of Concordian States (UCCS), Packilvania and Peregrinia.
Trade
The UNAC comprises a single customs area and free trade zone. This means that there are no tariffs and virtually no non-tariff barriers to trade between member states. Nations can apply non-trade barriers to the importation of goods from other UNAC member states within the framework of the laws of the UNAC. This includes exempting island nations from importing goods that affect their natural ecosystems. Furthermore, tariffs with non-UNAC countries are set at a continental level. Moreover, trade relations with non-UNAC countries are coordinated at continental level. The Commission of the UNAC, Auroran Parliament and Council of the UNAC are responsible for developing and implementing the policies that govern trade in the UNAC.
Labour
The UNAC also comprises a single travel area. Holders of UNAC passports get a visa on arrival upon entry into a UNAC member states. Citizens of UNAC member states face fewer barriers to living, working and studying in the UNAC than citizens from other nations. Island nations are allowed to restrict the number of people that they allow to live and work in within their borders to prevent overpopulation. These exemptions apply to the Oan Isles, Yor, Kundzeti, The Andorinhões and Dragonia. The Charter of the UNAC protects the fundamental rights of workers throughout the member states of the UNAC such as the right to collective bargaining, fair pay, fair working hour, fair and safe working conditions, and adequate rest and recreation. Member states of the UNAC are required to enforce and bring effect to these requirements through their domestic legislation. The UNAC Commissioner of Labour is required to monitor, report on and support member states in the implementation of laws to protect the rights of workers within the UNAC.