Price Volatility -G20 Policy Response
Price Volatility in Food and Agricultural Markets: Policy Responses
Policy Report including contributions by
FAO, IFAD, IMF,OECD, UNCTAD, WFP, the World Bank, the WTO, IFPRI and the UN HLTF
2 June 2011
UN-HLTF on Global Food Security
PRICE VOLATILITY IN FOOD AND AGRICULTURAL MARKETS: POLICY RESPONSES
–3
G20 leaders at their summit meeting in November 2010 requested FAO, IFAD, IMF, OECD, UNCTAD, WFP, the World Bank and the WTO (to) work with key stakeholders “to develop options for G20 consideration on how to better mitigate and manage the risks associated with the price volatility of food and other agriculture commodities, without distorting market behaviour, ultimately to protect the most vulnerable.” The preparation of this report, coordinated by the FAO and the OECD, has been undertaken in a truly collaborative manner by FAO, IFAD, IMF, OECD, UNCTAD,WFP, the World Bank, the WTO, IFPRI and the UN HLTF. We, the international organisations, are honoured to provide you with this joint report and look forward to continuing collaboration within the G20 framework to further elaborate and, as appropriate, implement the recommendations of the international organisations that it contains.
2 June 2011
3
PRICE VOLATILITY IN FOOD AND AGRICULTURAL MARKETS: POLICY RESPONSES
–5
Table of Contents
1. 1.1 1.2 1.3 1.4 2. 2.1 2.2 2.3. 3. 4. 4.1 4.2 4.3 4.4 4.5 5. 5.1. 5.2 5.3. 6. Introduction ......................................................................................................................... 6 Scope ................................................................................................................................... 6 What is volatility? ............................................................................................................... 6 Trends in volatility .............................................................................................................. 7 Volatility in global versus
Policy Report including contributions by
FAO, IFAD, IMF,OECD, UNCTAD, WFP, the World Bank, the WTO, IFPRI and the UN HLTF
2 June 2011
UN-HLTF on Global Food Security
PRICE VOLATILITY IN FOOD AND AGRICULTURAL MARKETS: POLICY RESPONSES
–3
G20 leaders at their summit meeting in November 2010 requested FAO, IFAD, IMF, OECD, UNCTAD, WFP, the World Bank and the WTO (to) work with key stakeholders “to develop options for G20 consideration on how to better mitigate and manage the risks associated with the price volatility of food and other agriculture commodities, without distorting market behaviour, ultimately to protect the most vulnerable.” The preparation of this report, coordinated by the FAO and the OECD, has been undertaken in a truly collaborative manner by FAO, IFAD, IMF, OECD, UNCTAD,WFP, the World Bank, the WTO, IFPRI and the UN HLTF. We, the international organisations, are honoured to provide you with this joint report and look forward to continuing collaboration within the G20 framework to further elaborate and, as appropriate, implement the recommendations of the international organisations that it contains.
2 June 2011
3
PRICE VOLATILITY IN FOOD AND AGRICULTURAL MARKETS: POLICY RESPONSES
–5
Table of Contents
1. 1.1 1.2 1.3 1.4 2. 2.1 2.2 2.3. 3. 4. 4.1 4.2 4.3 4.4 4.5 5. 5.1. 5.2 5.3. 6. Introduction ......................................................................................................................... 6 Scope ................................................................................................................................... 6 What is volatility? ............................................................................................................... 6 Trends in volatility .............................................................................................................. 7 Volatility in global versus