Press release, 04.02.2011
At a joint press conference, Director-General Jacques Diouf of the UN Food and Agriculture Organisation and the French Agriculture Minister, Bruno Le Maire called financial speculation on food both economically dangerous and morally unacceptable. They called for an international response at the G20 to the record food prices and volatility including regulation of financial speculation on commodity markets. The World Development Movement welcomes this and supports action to tackle dramatic food price rises and volatility by reducing speculation on food by banks, hedge funds and pension funds.
Julian Oram, head of policy at the World Development Movement said:
“We welcome the FAO and French government’s clear and urgent call for action to curb financial speculation on food. Banks and hedge funds are playing a key role in causing the current record food prices. When speculative flows of hot money pour into commodity markets, it dramatically pushes up the price of basic foods. There are of course long-term upward pressures on food prices, for example due to the impacts of climate change and the use of land for biofuels. But this doesn’t explain the sudden and very dramatic prices rises that we are seeing now and in 2008 during the food...

















