The UN General Assembly (UNGA) held a high-level thematic debate on "Addressing Excessive Price Volatility in Food and Related Financial and Commodity Markets," under the auspices of the President of the General Assembly and the Economic and Social Council.
The event was part of a UNGA resolution on excessive price volatility adopted on 14 February 2012, which called for policies to address long-term structural issues of the commodity economy and integrate commodity policies into wider development and poverty eradication strategies at all levels.
The resolution underscored the financial regulation necessary to tackle excessive price volatility in commodities and agriculture, and represented a step forward for the UN as a forum in which decisions can be made on issues of financial regulation.
Panelists from academic, government and institutional sectors presented varying points of view on the causes, impacts and policy options of excessive price volatility in food and commodity markets. The extent to which excessive price volatility is a function of speculative trading in the futures markets was the key area of contention among the panelists and was rigorously debated. ECLAC was represented by Daniel Titelman, Chief of the Financing for Development Division.
The objectives of the debate were four-fold: 1) contribute towards developing a global consensus on the impacts of excessive speculative activity on commodity futures markets; 2) promote robust dialogue on how to best address excessive speculation in food and related commodity markets; 3) begin a process in which Member States assess and monitor the effects of excessive speculative activity; 4) advance global governance and the achievement of the Millennium Development Goals (MDGs).
The event featured a keynote address by the President of the Dominican Republic, Leonel Fernández, and presentations by finance specialists: Michael Greenberger (Professor, University of Maryland School of Law), David Hallam (Director, Trade and Markets Division, FAO), Jeffery Sachs (Director, The Earth Institute, Professor Sustainable Development and Health Policy Management, Columbia University), Heiner Flassbeck (Director, Global Development Strategies, UNCTAD); Wei Xiong (Professor of Economics, Princeton University); Daniel Titelman (Chief, Financing for Development Division, ECLAC); Keiichi Miyata (Director and Head, Financial Infrastructure Studies Division, IMF); Frederick Kaufman (Professor of Journalism, CUNY); José Antonio Ocampo (Professor of Professional Practice in International and Public Affairs at Columbia University); Peter Kerstens (Counsellor, Economic and Financial Affairs Section, European Commission); and Bruce Tozer (independent expert and commodities trader).
Agenda (PDF) Descargar el Programa
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Presentations
Daniel Titelman
Director, Financing for Development Division, ECLAC
"Addressing Excessive Price Volatility in Food and Related Financial and Commodity Markets"
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Opening and Panel Discussion 1: "Financial investment in commodity markets: motivations, mechanisms and impacts"
Panel Discussion 2: "Policy options to address excessive price volatility in food and related financial commodity markets"
