

G20 Host Finance Minister Lagarde to EuroFora: 1st Act v. Oil+Food Crisis eyes special Global deal

*Paris/G-20 Finance/Bercy/Angelo Marcopolo/- The 1st G-20 Financial Summit to include Raw Materials' and mainly Oil and Food's prices' volatility, the "1st Risk" against "Recovery" of World's Economy, according to the 3 sets of Prorities outlined by President Sarkozy, which marked the beginning of the 2011 French G-8 and G-20 Presidency (See "EuroFora"s earlier NewsReports), did succeed to start building Worldwide concensus on the urgent need to face that issue, particularly when Popular Riots against Hunger and Oppression are currently spreading around many, mainly Mediterranean and Middle East Countries, but it also realized that the Heart of the matter lies elsewhere, i.e. in the Production itself of Agricultural and other Raw Materials, needing, therefore, a special treatment going further beyond, repl ied in substance G-20 Financial 2011 Host, French Finance Minister, Christine Lagarde, to "EuroFora"s questions.
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According to the Official Communiqué published at the Conclusion of the G-20 Meeting of Finance Ministers and Central Bank Governors in Paris, at the spectacular architecture of "quai Bercy"'s building accross the Seine River, after practically 3 Days of on the spot preparation already since the 17 - 18 - 19 February 2011, the participants from 25 Countries around the World, and Heads of relevant International Organizations (such as IMF, World Bank, UNO, OECD, EU, etc), "discussed Concerns about consequences of potentially Excessive Commodity Price Volatiity". In this field, G-20 decided to "work with International Organizations and to report back .. on the underlying Drivers, and the the Challenges posed by these trends, for both Consumers and Producers, and consider possible Actions".
Speaking 1st "on Food Security" in particular, and considering "the Impact" that this might have, (particularly at a moment while multiply mixing revendications for Democracy and against Hunger), G-20 stressed "the Need for Long-term Investment in the Agricultural sector", mainly "in developing countries". Moreover, G 20 Finance decided to "discuss at (its) Next Meeting the Report of IEF, IEA, OPEC and IOSCO on Price Reporting Agencies, as wel as the Interim Report on Food Security, currently being undertaken by the relevant International Organizations, and IOSCO Recomendations, and the FSB's consideraion of Next Steps on Regulation and Supervision of Commodity Derivatives' Markets, notably to strengthen Transparency and address Market Abuses".
Receiving also an "Interim Report by IEF, IEA and OPEC on how to "improve the Quality, Timeliness and Reliability" of the of "International Data" on "Oil", calling" for furtherwork on Strategies to implement these Recommendations", and "to improve the Producer - Consumer Dialogue", the G-20 urged IMF, IEF, IEA, GGECF and OPEC "to develop, by October 2011, concrete Recommendations on how to extend the G-20's work on Oil Price Volatility, also to Gas and Coal".
Lagarde confirmed that Concusions were naturally result of a "Compromise", after a "frank" discussion, but with "respect" of each other, and finaly conergence was found to advance forward, while in the G20 never anyone points the finger at any other country, it's not correct,as she diplomatically said
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=> Thus, "EuroFora" asked the Host of G-20 Finance Summit, French Minister of Economy, Christine Lagarde, during her concluding Press Conference, to be more precise, and make it clear whether : - "On Raw Materials, do you consider that the result that you succceeded to bring, as a 1st Positif Step, or as a Conclusion ?",

+ "And, concretely, concerning f.ex. the Agricultural Products, - which, according to FAO, (cited by EU Parliament's Resolution adopted Thursday in Strasbourg : See earlier "EuroFora"s NewsReport) recently reached an Historic Record, going Higher than ever since they started to be registered-, could be tackled efficiently with such kind of Measures, so that they might prevent the sudden eruption of Extreme Cases (f.ex. Food Crisis, Food Riots, etc) in the Future ?", "EuroFora" asked Lagarde.
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Christine Lagarde made it clear that - "It's not a Conclusion, but I think that's a Success, because it wasn't at all obvious that the issue of the excessive volatility of Raw Materials' Prices, mainy of Agricultural products, is of the competence of Ministers of Finance".
- "But we (G 20) concluded that, at the 1st hand, it has extremely Important Macro-Financial impact, and that, second, a Financial Expertise was needed, in order to appreciate the role played, namely, of the Derivative products on the Raw Materials, and on the Prices of the Physical Products", she explained in reply to "EuroFora"s question.
- "And I remind you that we have validated the establishment of a Working Group, under the auspices of Japan's Bank's vice-Governor, who is really an eminent personality, in order to have an accurate Analysis concerning the role of Speculation vis a vis the simple Law of Offer and Demand", Lagarde pointed out.
- "But, we all observed, nevertheless, that the phenomenon of Rarity, mainly on the Food area, needed Developments on the Production field", she observed, highlighting a New Horizon.

- "However, there, we sort out of our domains, (because) it's not for the Ministers of Finance to deal with such questions, which belong to the competence of Ministers of Agriculture, which is absolutely Legitimated, (particularly) in the current context", she concluded, obviously referring to the Democracy and Hunger Riots spreading accross several Mediterranean and Middle East Countries...
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+ Meanwhile, USA Secretary of the Treasury, Timothy Geithner, speaking at another Press Conference at Bercy to Journalists, including "EuroFora", acknowledged, namely, that "Rising Commodity Prices - including for Food and Oil - are causing Hardship in many parts of the World".

- "The IMF estimates that Commodity Prices increased 20 to 30 % in 2010", and "this has a Serious Impact on Inflation and on the Living Standards of the Lowest income Groups ...., where Food and Fuel tend to comprise a larger part of consumption", Geithner observed.
But, the US Official, adopting a stance somewhat closer to Brazil, eportedly opposed to any Regulation of Agricultural Products' markets, focused, at the 1st place, into stressing that "an effective response requires increasing Long-term Investments in Agriculture", particularly "in low-income Countries". This could be attained "through Mechanisms such as the Gobal Agriculture and Food Security Program", whichg is "designed to raise Agricultural Productivity and improve Rural Infrastructure to help Famers connect to Markets", according to Geithner.
However, he didn't explain how it might be possible for such "Low income Countries", as he said, to compete in the Markets with the huge, modern Agricultural Machine f.ex. of the USA themselves, attracting so big investments that it can easily produce at lower costs. Nor how Investors, in general, could Planify their projects accros Time periods, if persists the current extreme Volatility of Prices, which mark big, unpredictable Changes, (f.ex. after some "Extreme Weather Phenomena", as EU Parliament's relevant Resolution denounced this same week in Strasbourg : See "EuroFora"s earier NewsReport).
At any case, Geithner agreed, at least, that "We (USA) also support Measures to limit the potential for Market Abuse and Price Manipulation, through increased Transparency and OverSight of Commodity Markets, and the associated Derivatives' Markets. And these Pressures on Global Commodity Prices will be reduced, as the rapidy growing Emerging Economies act to tighten policy", he hoped.
But, despite differencies, in these and/or other issues, however, a striking point of convergence is that all those involved (from Brazil up to France and the US, etc) reportedly acknowledged, in one way or another, that the real problems about Agricultural and other raw materias concern their "Production" itself, in one way or another, (Comp. supra). Therefore, a special G-20 dimension, focusing on Ministers of Agricuture and so on, has, indeed, become necessary, as Lagarde concluded in her reply to "EuroFora"s questions (See supra).
However, EU Parliament's latest Resolution on Food Prices' Rise, adopted earlier this week in Strasbourg, pinpointed also the fact that morst of recent Food Crisis; had been provoked or seriousy aggravated by "Extreme Weather Events", (See earlier "EuroFora's NewsReports), as, f.ex. in the case of Wheat prices' inflation after the Record Heatwave which targetted Cental Russia in 2010.
+ Moreover, Oil Prices were often seriously aggravated, mostly after Wars a.o. Foreign Relations' incidents and sudden rises of tension.
Therefore, it's obvious that, when it comes to Raw Materials' Prices' Volatility, the real Causes may also belong to the Security/Defense (1st example) and/or to the Foreign Relations' (2nd exampe) areas, so that their resolution would concern much more the common Foreign and Security/Defence Policy (CFSP)...
It's, f.ex., an unforgettable fact that, at the very moment that a controversial, too expensive Pipeline was ready, waitining to be inaugurated and broker uncertain concluding deals at Ceyhun (Turkey, close to Syria's borders), suddenly, various provocations pushed at a Syro-Lebanese v. Israeli deadly clash at their own Borders, which gave an immediate pretext for Prices of Oil barill to jump up at unexpected Heights, so that the previously excessively Costly pipeline, all out of a sudden, .. mutated into an acceptable business deal, by a coincidence, exactly when this was needed ! Moreover, it's well known that the most famous War in Ancient History, that of Troie, described by Omer's poems, was, in fact, due, less into the Mass-Mediatic "romantic", cover-up Story of Queen Helen, etc., but much more to the Real-Politics' fact that a growing Ancient Greek World needed Free Access to nowadays' Ukraine-Russia-Kazakhstan's Wheat producing areas, while Troians wanted to keep the exclusive Control of the Dardanelles' straights.
Thereby, Lagarde's Opening towards a larger Horizon (See supra), in probable confluence, in substance, with most G-20 Gobal Players, at least on this point, clearly pointed at a Direction which seems, indeed, to be, in this crucial and topical issue, the Heart of the Matter ..

... inevitably reminding the Famous "Atom Heart Mother" Music Album, whose original cover topically pictures, simply, ..a Cow in a Green Field, even if it was composed by a former Scientist in Physics : "Pink Floyd"s Synthetic , sophisticated Music might, indeed, be an interesting symbol, perhaps inspiring Politicians to search and find the right "Synthesis" able to saveguard Global Economy's Recovery from Risks of Raw Materials' Price volatility, including Metals and Oil, but mainly Food, at the Crossroads of various but converging Policies (Comp. supra), which obviously need (after being adequately prepared by specialized Ministers) a Heads of State and Government Political impulse, which can only be given thanks to an Overall view that allow Summits as, f.ex. G-20's November 2011 concluding Summit at Cannes.
***
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Brixen-Bressanone/ACM/3.8.08
An appeal to make the "World more Human", by defending basic Human Values, helping those in need, and paying hommage to Nature, figured high in Pope Benedict's long-awaited speech at his "First Angelus" in the symbolic, beautiful historic small town of Brixen/Bressalone at the Alpes.
- "No Dictature, nor any destructive force can rob us of the most important goods wich are God's gift", stressed Pope Benedict, referring to elementary Human Values, in a last-minute improvisation of his draft speech, before launching also a call to "help those in need", in order to "make the World more human".
- "Jesus is the focus .. In him is Justice and Freedom", said earlier Brixen's Bishop Wilhelm Egger, after prayers including calls to "Truth, Justice and Freedom", read at a Mass of thousands in the town of Archangel Michael, known as defender of christians against the devil.
In what looks as a reference to BioEthics' dillemas of crucial impportance, raised at Strasbourg's unique in the World legally binding International Treaty on BioMedicine and Human Rights (1998, with the "hottest" issues added later through additional protocols, some of whom are imminent), he spoke also of the splendid "Nature" at this Alpen's ressort : This fits well Vatican's earlier anouncement that Pope Benedict's "prayer intentions for August" are mainly to "respect God's design for the world", and "become ever more aware of the great gift of God which Creation represents for us".
- "The most important things in our lives cannot be bought, but are only given as holy gifts : The Sun and its Light, the Air that we breath, the Water, the beauty of Earth, Love, Friendship, Life itself", Pope Benedict added, extending also to Natural Environment, another topical issue after recent Climatic upheavals at several parts of the World.
The "preparation of Pope Benedict's visit to France", which currently heads the EU, at mid-September, among exceptionaly important Council of Europe meetings on Human Rights in Paris and Strasbourg, is part of his work, together with his "book on Jesus", during brief Summer Holidays in Brixen, said his Spokesman, Federico Lombardi.
- The Pope's message is mainly religious, theological. But we are living in a concrete world, and ideas may be taken by readers as references to the actuality. However, it's better to wait to se what the Pope will say in Paris and at Lourdes, added to EuroFora Lombardi, who is also Director of Vatican's Press Office.
Brizen/Bressanone is similar to Strasbourg by succeeding to make a fertile synthesis of Germanic and Latin sources of Europe, like the two local rivers who meet at the historical center of the town, among spectacular ressorts at mountains' hights.
Headquarters for an Historic Religious Seminar, it attracted recently also a Free University's Educational studies. Well-known as a long-time preferred rest place for former cardinal Radzinger and his brother Georg, it includes areas named "St Benedeto" and "St George"...
But Pope Benedict's first speech gave also another symbolic rendez-vous :
- "Next Wednesday, August 6, we shall commemorate the 30st anniversary from the death of late Pope Paul VI", who "concluded Vatican II", and "the Transfiguration of Jesus, mystery of the divine light, which exerced a unique fascination to his soul", he said to some 12.000 applauding People, among the happy few who succeeded to have a rare place for an open-air Mass inside the Domplatz a particularly sunny day at the Alpes.