Monday, 20 June 2022
Hello Future is blue readers,
As the war in Ukraine has now gone on for over 100 days, its global economic consequences are becoming more and more visible and represent quite a concern for policymakers.
Today we are covering one of the most disrupting consequences of the war beyond the borders of Ukraine. The conflict has triggered a major food crisis that is severely affecting many of the world’s most vulnerable populations.
To get some answers into what's really pushing food prices to such high levels we have invited to our latest podcast episode Lourdes Maldonado, Gail and Rob Cañizares Director at the Emerging Markets Institute in Cornell University. Together with Raymond Torres, Funcas Europe Director, and Carlos Carnicero Urabayen, Future is blue host, our conversation analyses the impact of the current crisis in both the developing and more developed world.
At the end you can see as usual some of the readings that are capturing our attention these days.
New podcast available!
Ukraine is a major exporter of agricultural products, especially sunflower oil and wheat, but, due to the war, key export routes, through the country’s Black Sea ports, are now blocked because of a de-facto Russian naval blockade.
This is driving prices up for grain and cooking oil, making imports less affordable in poorer countries and contributing, together with rising energy prices, to a cost-of-living crisis even in rich economies, thereby further increasing the likelihood of a global recession.
Don't miss our new podcast episode where we cover this challenging topic and we explore some possible policy responses to help alleviate the situation.
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What we are reading
Energy sanctions and the impact on prices for consumers
Interesting historical examples about how the coal and oil markets have been affected by major crises.
Food security: the role and limits of international rules on export restrictions
Good read to complement our latest podcast, including examples of how food export restrictions are further complicating the global food crisis.
How seismic changes are transforming work, economies
How can leaders navigate economic uncertainty? Interesting WEF podcast episode with good insights on how work has radically evolved after Covid.
EU plans sanctions if partner countries breach labour and sustainability rules
Talks with India will present first challenge as EU increasingly uses economic muscle to change policies elsewhere
Have a nice rest of the week.
Funcas Europe Director