“When the recovery picks up, we will be back to square one,” Mr Diouf told the Financial Times in an interview.Well, do something about it G-20/G-7/G-2 or what ever number you want to put to a G!
He said the same structural problems behind last year’s spike in food prices were still affecting the market. These included lack of investment, surging demand in Asia and diversion of food commodities into biofuels.
“We have all the elements of the crisis,” he said, adding that a weakening US dollar could exacerbate the upward price pressure in food commodities.
What he should have added is that the frayed financial market mechanisms on derivatives/futures, should be focused on as well....in addition to the Doha Round stalemate!