News From France 11.06

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A free monthly review of French news & trends

VOL . 1 1 . 0 6 J U LY 3 1 , 2 0 1 1

Christine Lagarde Returns to Washington as Head of IMF Christine Lagarde, formerly France's Minister for the Economy, Finance and Industry, became Managing Director of the International Monetary Fund on July 5. As head of the international organization, Lagarde returned to her former stomping grounds in Washington, D.C., this month.

Photo: Sylvain de Gelder

Shown here, Lagarde celebrates Bastille Day at the Embassy of France on July 14. For more on Lagarde’s background and history with the United States, see page four.

France Offers Solutions to Global Food Price Speculation, Works with G20 With global food prices at record highs and expected to increase even more this decade, agricultural ministers from the Group of 20 nations met in Paris on June 21 and 22 to discuss solutions to the crisis. According to the United Nations’ Food and Agriculture Organization (FAO), food prices will be 30 percent higher on average this decade than last. “Rising commodity prices are the main threat to growth,” said French President Nicolas Sarkozy, who has made increased transparency of global food markets a priority for the French presidency of the G20 and G8 in 2011. With greater transparency, leaders hope there 2 Current Events will be less speculation over the global food supply by Solar Plane at Paris Air Show investors and stockholders, which would stem food 3 France & America French Oil CEO Speaks in D.C. price increases. Commodity prices have soared for global During their talks, the agricultural ministers agreed 4 In Depth staples such as wheat, pictured above. to form the International Research Initiative for Wheat Christine Lagarde in the U.S. Improvement (IRIWI), a group that will find ways to improve the nutritional value and safety of wheat and develop more sustainable means of production. 5 Business & Tech IRIWI will also be responsible for facilitating collaboration between smaller-scale agricultural research Moët Hennessy to Plant in China 6 Society organizations on national and international levels. To meet France’s goal of improving transparency in commodity markets, the ministers also agreed to DJ at the Grand Palais in Paris create the Agricultural Market Information System (AMIS), which will facilitate communication between 7 Culture producing, exporting and importing countries, as well as commercial enterprises and international orga- U.S. Teen Choir Tours France nizations. By improving collaboration between the different entities of the food market, the ministers 8 France in America hope to improve the reliability and timeliness of information about the market outlook. Said French Minister of Agriculture Bruno Le Maire of the Paris talks, “The point… was to avoid the 21st Bastille Day in the U.S. century being the century of hunger.” Pleased with the consensus, Mr. Le Maire considered that “we have taken part in a historic agreement… this is a tour de force for the international community.” © Photographer2008

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