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The Politics of the Fight against Food Price Volatility – Where do we stand and where are we heading?

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  • Hiemenz, Ulrich

Abstract

The paper reviews and evaluates the global political discussions of G-8 and G-20 Member countries on food security and food price volatility since the L’Aquila Initiative in 2009. It shows that some progress was achieved with respect to better coordination of agricultural policies and stricter regulation of financial markets, especially at the 2011 Cannes Summit Meeting of the G-20. However, no agreement was reached in areas crucial for food security such as biofuel mandates or agricultural trade policies. A discretionary approach towards stabilizing food prices may, however, rather exacerbate than mitigate volatility. Regarding financial markets the respective initiatives of the US and the EU prove the willingness of the executive to control excessive speculation, but the legislative procedure has not been completed, and interest groups are working to water down the proposed provisions. In the preparations for the upcoming G-8 and G-20 Meetings no new impulses for food security are discernable. The priority lists are topped by macro-economic issues. Under these circumstances developing countries will have no choice but to forge new alliances to bring the food security issue back to the global agenda.

Suggested Citation

  • Hiemenz, Ulrich, 2012. "The Politics of the Fight against Food Price Volatility – Where do we stand and where are we heading?," Working Papers 147914, University of Bonn, Center for Development Research (ZEF).
  • Handle: RePEc:ags:ubonwp:147914
    DOI: 10.22004/ag.econ.147914
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    1. von Braun, Joachim & Tadesse, Getaw, 2012. "Global Food Price Volatility and Spikes: An Overview of Costs, Causes, and Solutions," Discussion Papers 120021, University of Bonn, Center for Development Research (ZEF).
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    2. Husmann, Christine & von Braun, Joachim & Badiane, Ousmane & Akinbamijo, Yemi & Abiodun, Fatunbi Oluwole & Virchow, Detlef, 2015. "Tapping Potentials of Innovation for Food Security and Sustainable Agricultural Growth: An Africa-Wide Perspective," Working Papers 228855, University of Bonn, Center for Development Research (ZEF).
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    14. Osman, Abdelrahman Khidir & Ali, Adil M., 2021. "Sudan - Land, climate, energy, agriculture and development: A study in the Sudano-Sahel Initiative for Regional Development, Jobs, and Food Security," Working Papers 308810, University of Bonn, Center for Development Research (ZEF).
    15. Siriwardane, Rapti & Winands, Sarah, 2013. "Between hope and hype: Traditional knowledge(s) held by marginal communities," Working Papers 151401, University of Bonn, Center for Development Research (ZEF).
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    Keywords

    Agricultural and Food Policy; Agricultural Finance; Financial Economics; Food Security and Poverty;
    All these keywords.

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