The latest from WDM

Yesterday the European Parliament’s Committee on Economic and Monetary Affairs (ECON) adopted its report on the review of the Markets in Financial Instruments Directive (MiFID). This piece of legislation is critical to achieve stronger regulation of commodity derivative markets and limit harmful financial speculation on food. 

NGOs welcomed the introduction of mandatory limits on speculation but warn that a number of loopholes must be fixed to make the proposed rules effective. 

Deborah Doane, director of anti-poverty group the World Development Movement, said today that the UK government’s aid spending inquiry should scrutinise the growing private sector cash-in on development aid.

After months of delay, the new UN Green Climate Fund (GCF) had its first board meeting between 23-25 August.

The board is important, as it will play a key role in defining the future direction of the fund and determining whether the GCF will provide genuine and much needed climate finance to poor countries or be yet another clone of the hated World Bank and its Climate Investment Funds (CIFs) which have foisted debt on some of the world’s poorest countries.

Austrian bank Volksbanken, has added to the growing number of European banks to withdraw investment funds linked to food commodities.

In total four German banks, one Scandanavian bank and one Austrian bank, including giants Deutsche Bank and Commerzbank, have all either withdrawn food-based funds or stopped issuing new ones.