The document discusses the G20's approach to addressing food security issues and argues that it is missing important aspects of the problem. Specifically, it says the G20 focuses too narrowly on increasing agricultural production and fails to consider international trade relations or developing countries' vulnerability to commodity price volatility. It also notes the G20 works in parallel to existing food security strategies rather than integrating with them. The document calls on the G20 to push for financial reforms to curb excessive commodity speculation and achieve greater policy coherence on this issue.
1. G20UPDATE E-NEWSLETTER
September 2010
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!
Topics covered in this Update
Preparing for Seoul Must reads G20 & Food Security - Opinion - Backgrounder -
and getting ready for A selection of missing the big Commodity Commodity
France documents, speeches picture? Speculation Speculation
A preview of the and papers that A short critique on the A comment by David Glossary of Terms and
preparations of the provide more in-debt role the G20 plays in Frenk from Better a short explanation of
Seoul summit and a information the area of food Markets on the G20 the most important
glance at France’s G20 Page 3 security and commodity actors in the
presidency in 2011 Page 4 speculation commodity market
Page 2 Page 5-6 Page 7
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2. G20UPDATE These developments, and the
Preparing for Seoul and CC-License by G20 Seoul Summit
seriousness with which the Korean
getting ready for France G20 committee is tackling the
preparatory meetings shows that they
Broadening of G20 are determined to host a successful
agenda is continuing summit and are ready to create
A summary report by Sandro Gianella expectations that they believe will be
met. At the same time, pundits are
The G20 governments and sherpas discussing the possibility of a divide
are currently in the process of preparing not between developed and developing
the summit in Seoul in November. A countries, but along geographical lines.
series of meetings on both ministerial- While these fears have yet to be
levels (finance and central bank deputies substantiated, the continued widening
meeting) and among the development of the G20s agenda and the uneven
working group that was initiated in recovery from the financial crisis will
Toronto, indicated that the G20 is not make it easy to reach conclusions.
certain of its role and is therefore Simultaneously, the French
creating high expectations for government under president Sarkozy
has stepped up and outlined its ideas
their next summit. In a recent
for the G20, once they take over the
presentation the Korean presidential
committee for the G20 summit outlined presidency from Korea right after the
Seoul Summit. In a yearly high-profile by saying:
the agenda for the event, making clear
speech to ambassadors, he argued that
that they saw the Toronto Summit as
rather then finishing what is left from “Why should we only regulate derivative
providing a basket of policy options
whereas Seoul will be the place for the Korean summit, France will show markets in the financial sphere? Extending
making concrete policy “action and ambition” trying to regulations to raw materials and agricultural
recommendations. The main points in “shake up global governance, markets is possible and desirable. That way we
the agenda are: reform of notably by setting up a G20 will limit speculation.” (WSJ - Sarkozy
secretariat with a role in outlines priorities for French G-20 leadership)
international financial
institutions, financial regulatory development and climate
In addition, he said the G-20 needs
reform, and global financial measures.” In addition, three main
topics are on the top of the agenda: the to review the transparency of
safety nets (to better deal with agricultural markets and study stocking
volatilities in global capital flows) reform of the international monetary policies, as well as the creation of
system and stabilization of exchange
and development. The Korean insurance instruments by international
government believes, that development rates, the regulation of raw material financial institutions to allow importing
prices and excessive commodity
falls in line with the G20s broad countries to shield themselves against
speculation and the reform of world
mandate and expertise. However, it price volatility. France’s economy,
governance. International media is
takes a rather narrow view of energy and agriculture ministers sent a
skeptical of the scope for spectacular
development, with recommendations letter to three European commissioners,
success during the French G20
focusing mainly on growth, investment arguing that “at a time when
presidency, given the opposition in other
in infrastructure, trade and human commodity markets are more and more
capitals to some of their most cherished
resource development (the next edition financial, the European regulation of
plans, such as exchange rate reform or a
of the newsletter will take a detailed commodity derivatives markets appear
proposed international tax on financial
look at the development agenda of the insufficient to us.”
transactions. In addition, the ambitious
G20). In short, both the Korean and the
agenda is also viewed in regards to the
French presidency of the G20 confirm
upcoming presidential election in
the thesis that the group is trying to gain
France in 2012.
legitimacy in the sphere of global
CC-License by JanetandPhil This newsletter
governance by taking on issues such as
will take a closer
development and food security in
look at a
particular point in addition to their original target of
France’s G20 financial and economic governance.
Besides, it is becoming clear that the
presidency:
approach of the G20 in these issues is
commodity
rather conservative and most of the
speculation and
times purely growth oriented. This calls
food security. The
for additional pressure by civil society
strengthening of
groups to push their principles and
the oversight of
agenda on the table and hold national
global commodity
governments accountable for the
markets was
raised by Sarkozy, positions and decisions they take at the
G20 level.
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3. G20UPDATE
G20 MUST READS
The great hunger lottery Financing Food New rules to curb Wall
- How banking - Financialization and Street’s influence over
speculation causes Financial Actors in food and farming
food crises Agriculture Commodity by the Institute for
by World Development Markets Agriculture and Trade
Movement by SOMO Policy (IATP)
By Tim Jones By Thijs Kerckhoffs, Roos van Os and Link: http://www.iatp.org/iatp/
Myriam Vander Stichele
press.cfm?refid=107616
Link: http://www.wdm.org.uk/food-
speculation/great-hunger-lottery Link: http://somo.nl/publications-
en/Publication_3471/view This comment on the recent Wall
Street reform bill argues that the new
The World Development law will severely restrict excessive
Movement (WDM) describes the subject Financing Food focuses on how
speculation on agricultural commodity
of their report as “the highest stakes, derivative markets work and on
futures markets. Commodity expert
riskiest economic behavior ever devised, speculation in food and agricultural Steve Suppan argues that “this
married to the most fundamental basic products. This study demonstrates how landmark bill is a first step toward
need of humankind.” Derivatives the futures market for agricultural
trading has been one of the most products, in particular, has changed and preventing the excessive speculation by
big Wall Street banks that has created
lucrative parts of the financial industry, is being disrupted by new speculators, enormous price volatility in agriculture
but it is the increasingly complex, growing index funds and commodities
funds. This can have an influence on and energy markets and is an important
opaque and disconnected nature of
food prices, which can rise as a result, win for farmers and rural communities
these and similar products that
ultimately triggered the collapse of the making food too expensive for the poor whose economic futures are so tightly
linked to agriculture and energy.”
banks and the worst financial crisis in inhabitants of developing countries.
This landmark bill is going to play a
human history. While betting on the The study also shows how a
crucial role in the discussion of the G20
value of sub-prime mortgages number of large banks and investment
undoubtedly leads to disastrous banks, such as Goldman Sachs, Bank of members and it is expected that the
consequences, there is another area America and Deutsche Bank, control a French presidency will most likely have
a close look at how the Obama
where the speculative behavior of the wide range of functions in the
world’s largest banks and hedge funds derivatives trade and are a driving force administration dealt with the issue of
represents a threat to the very survival behind the financial speculation. These excessive commodity speculation.
of people: food commodities. banks made huge profits and paid huge Although the bill has yet to be
In this report, the WDM has bonuses in 2009, partly as a result of the implemented, it makes clear that it is
possible and imperative to combine the
compiled extensive evidence trade in derivatives, of which food
discussion on food security with the
establishing the role of food commodity derivatives formed a part. increasing financialization of
derivatives in destabilizing and driving SOMO closes the report with
up food prices around the world. several proposals for reforms within the commodity speculation in order to
create coherent and effective policies.
Furthermore, it shows how this was financial markets for agricultural
The bill requires the Commodity
fueled by the behavior of financial products, in order to prevent excessive
Futures Trading Commission (CFTC) to
speculators, and describes the terrible speculation. Up to now, the derivatives
immediate impacts on vulnerable trade has remained largely unregulated. set per-commodity limits across all
markets on the number of derivatives
families around the world, as well as the Legislation is being drawn up in the US, contracts that can be controlled by any
long term damage to the fight against the subject has long been on the agenda
one entity and its affiliates during a
global poverty. The report further for the G-20, and the EU is preparing
trading contract period. In addition, it
describes how the current situation new laws.
also requires that most derivatives
came to pass, the risks of another presently traded over the counter will be
speculation induced food crisis, and SOMO’s website has many more
traded on public and regulated
what specifically can be done by interesting articles and documents on
exchanges. The report concludes by
policymakers in the US and the EU to the subject of food and agriculture.
arguing that greater transparency in the
tackle the problem. Here is the link to the respective page:
http://somo.nl/dossiers-en/sectors/ U.S. will also benefit many developing
At its heart, it carries a very
food-agriculture/food-agriculture countries, which will benefit from
straightforward message: allowing greater price predictability and stability
gambling on hunger in financial as they forward contract sales.
markets is dangerous, immoral and
indefensible. Follow IATP on Twitter:
http://twitter.com/iatp
3
4. G20UPDATE G20 & Food Security
Missing the big picture?
By Ute Straub & Sandro Gianella
The outbreak of the financial sustainable measures need a more wide- demand, as argued in a recent report of
crisis in 2008 has led to a remarkable ranging definition of food security. The the United Nations Conference on
rebirth of the Group of 20, turning the discussion is stuck in intellectual silos Trade and Development. Since the
club into the self-declared premier instead of tackling the topic of food introduction of so-called commodity
forum for global economic security in synchronization with the rest index fonds by institutional investors
coordination. At the same time, the of the economic agenda of the G20 and such as Goldman Sachs, traders are
world was shocked by a global food in order to find a development-friendly allowed to invest in the price of basic
crisis with food-prices skyrocketing at trade reform and a way to curb foodstuffs. The number of derivatives
times up to 100 (corn) or 140 percent excessive speculation on commodity and future contracts have shot up. In
(wheat). These drastic changes have had markets. addition, many of these financial
tremendous consequences in developing
Moreover, the initiative of the instruments are traded over the counter,
countries, where millions were no longer G20 is not integrated into other and are therefore neither transparent
able to buy their daily food. In some programs of international “food nor regulated. The passage of the
countries like Haiti, the Philippines or security governance” but instead creates Dodd-Frank Wall Street reform bill in
Egypt this even lead to wide-spread parallel structures detached from these the United States has shown, that it is
riots. existing strategies. For example, the possible to combine the discussion on
Consequently, the G8 and the “Committee on World Food food security and the reform of
G20 too, could no longer look away and Security” (CFS) under the auspices of financial markets in an effective and
included food security on their agenda, the FAO has been applauded as coherent manner. (more on the bill in
most prominently at the 2009 G8 successfully integrating groups affected the opinion piece on the next page)
summit in L’Aquila, Italy. The heads of by food insecurity into the decision- The G20 does have the
state agreed to raise a total of 20 billion making process. In how far this newly opportunity to push for global financial
US dollars for the fight against hunger. established body will become a serious reforms that would lead to a fairer and
Moreover, in the final communique of actor in part depends on its financial more transparent way of trading
the G20 Pittsburgh Summit, they possibilities and the resulting political commodities. In short, the G20 should
committed to continuously invest in the authority. Rather than bypassing the realize that food security is a complex
promotion of food security. The World CFS completely, the G20 should give it problem which is dependent on the
Bank was commissioned to set up a trust the power to coordinate the newly support and cooperation of both civil
fund for these investments and in April available funds for food security in order society and local actors. As the premier
2010 the so-called Global Agriculture to take advantage of the democratic forum of discussion for global economic
and Food Security Program (GAFSP) and participative structure of the cooperation it does have a role to play
was started. Responding to committee. This is more likely to result in solving the recurring food crises, but
recommendations from the G20, it in a fair distribution of the funds in the until now it has only attempted to solve
focuses mostly on the increase of interest of the affected populace. part of the puzzle. It remains to be seen
agricultural productivity and the
What’s more, the increasing whether the G20 will finally be able to
improvement of access to new financialization of commodity markets draw conclusions not only in regards to
technologies in developing countries. has led to more severe price-fluctuations the financial-, but also the food crisis
The fact that OECD countries are now that are not directly related to the and consequently increase the
paying attention to the agricultural market fundamentals of supply and coherence of their recommendations.
sector is to be welcomed.
However, the way in which this
problem is being dealt with leads to
several problems. Putting increasing
agricultural production in the spotlight
means that the G20 is missing a big part
of the picture. Aspects such as the
relations in the international trade
system or the vulnerability of
developing countries to price
fluctuations in commodity markets are
left out of the debate. The recent rise in
wheat-prices after the fires in Russia -
even though experts agreed that global
supply is sufficient - shows the
problematic role that speculators play
on agricultural commodity markets.
CC-License by Subu-yan
The lack of coherence in the policies of
the G20 is especially regrettable because
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5. Opinion
G20UPDATE
Commodity Speculation
By David Frenk “The G20 has been slow out of
financial crisis, stabilizing the blocks, despite the fact that
volatile commodity markets there are few issues as urgent for
Note to the reader: If you are not as
familiar with the specifics and the is one of the most important its member countries as
vocabulary of commodity markets have a preconditions for economic repairing commodity markets.”
look at the backgrounder on page seven recovery.
before you continue reading (all the words the U.S. regulates all commodities
That is why the French
in italic are explained there). futures (and now, with the passage
administration has moved to push
of the Dodd Frank reform bill, all
commodities regulation towards
other commodities derivatives too).
the top of the G20 agenda. A week
The passage of the Dodd- Such a proposal was previously
ago, President Sarkozy announced
Frank Wall Street Reform and championed by French Finance
that regulating commodity derivatives
Consumer Protection Act in the Minister Christine Lagarde.
would be one of the priorities of
United States paved the way for Currently, EC commodity market
France's year-long presidency of
real change in global commodities rules are loosely enforced by
the G20, which commences in
markets. At the time of its passage, national authorities, who are often
November. This was followed by a
Chairman Dodd called for inconsistent and sometimes even
letter from France’s Economics,
coordinated international effort indifferent about implementation
Energy and Agriculture Ministers,
towards rescuing food and energy and enforcement. As well as
sent to three European
markets from their current plight. proposing a more centralized, and
commissioners on August 27th,
However, the G20 has been slow therefore consistent, approach to
which stressed the inadequacy of
out of the blocks, despite the fact regulation, the letter also raises
the current regulatory structure.
that there are few issues as urgent other possibilities. These include
The letter called for coordinated
for its member countries as the creation of U.S.-style position
action across the EU, and sketched
repairing commodity markets. limits to curb excessive
out some possible strategies for
These markets determine the speculation, and various measures
reform.
allocation of the essential raw to improve transparency.
These strategies include the
materials of society: food to keep
establishment of a European
us alive, and fuel to power our All this begs the question: what
equivalent to the Commodity Futures
industries and homes. In a world exactly is the problem that the G20
Trading Commission (CFTC), which
ravaged by the effects of a global is trying to solve by reforming
in
regulation of commodities
markets?
CC-License by Sifu Renka
Really, there are two separate
problems: manipulation, which
can potentially show up in any
market, and excessive
speculation, which is specific to
commodities.
Manipulation is a deliberate
abuse of market power to
influence prices. It occurs when a
small group of market participants
gains enough power to control
prices for a period of time, and
uses this power to their own
advantage, at the expense of other
participants. A notable example
came last month, when Anthony
Ward of Armajaro Asset
Management LLP purchased
enough cocoa on the London
International Financial Futures
and Options Exchange (Liffe) to
make 5.3 billion chocolate bars,
pushing up cocoa prices 5% in one
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6. Opinion
G20UPDATE
Commodity speculation - continued
day. This was enough to prompt actual in the gaps where a consumer is
users of cocoa to write to NYSE Liffe, temporarily unable to find a producer
the holding company of the Liffe to trade with, or vice versa. David Frenk
exchange, as well as the UK’s Financial However, in the absence of
Services Authority demanding the adequate regulation, speculation (risk- David Frenk is the executive
creation of position limits to curb such seeking) by financial traders can come director of Better Markets.
activities. to dominate hedging (risk-avoidance) by He studied Philosophy,
Excessive speculation is a less commercial end-users. In such Politics and Economics
(PPE) at Oxford University,
well-understood phenomenon. scenarios, speculation tends to
before completing his
However, it is potentially far more exacerbate price volatility rather than graduate studies in
dangerous. Here, the price distortions smooth it. This harms businesses and Philosophy at New York
are generally not deliberately created. households as the cost of their inputs University. At both
Whereas manipulation refers to an becomes unpredictable and institutions, he was the
intentional act of sabotage perpetrated unaffordable. This volatility causes recipient of various
by some individual or small group, unemployment in developed countries, academic awards and
excessive speculation is a condition of and starvation in emerging nations. scholarships. Prior to joining
the market that may arise even when Excessive speculation is greatly Better Markets, David
every individual participant is acting in facilitated by the existence of worked in both the private
and public sectors on a
good faith. unregulated over-the-counter (OTC)
broad range of business and
To understand the problem of derivatives markets. In these markets, there policy issues. In 2005, he
excessive speculation, it is necessary to is zero transparency, as financial acted as a consultant to the
speculators use swaps and other Rwandan government on
instruments with no disclosure economic strategy and
“So far, the G20 has committed requirements to bypass position limits. policy. In 2006 and 2007, he
only to improving the over-the- The impact of this speculation is then worked at OECD’s Center
passed on to regulated futures for Education Research and
counter derivatives market rather Innovation as a consultant
exchanges by the large banks who act as
than radically restructuring it, as on education policy across
dealers in the OTC markets when they
has been the case in the US. In Europe. From 2007-9, David
hedge their exposure on exchanges.
part, this is a product of mass Finally, the volatility this creates in
operated as a full-time
lobbying by financial institutions.” researcher at Masters
futures markets is passed on to Capital Research,
consumers and producers, both when coordinating theoretical and
take a step back and consider the they trade futures, and when they empirical analysis of
purpose of commodities markets. actually buy physical product directly, markets.
Physical commodities in their natural because the prices of many physical
state are prone to uncertainty and risk. commodities are benchmarked against Since joining Better Markets
Bad weather like the droughts in Russia futures prices. in 2009, David has
can destroy crop yields, while oil spills coordinated a team of
The EC is holding a public
researchers studying the
like the Deepwater Horizon disaster can hearing on commodity function of commodities
knock out millions of barrels of oil derivatives reform (covering both markets and capital
supply. Therefore, commodity futures exchange-traded derivatives like futures markets. He has met with
exchanges exist to enable producers and representatives of the CFTC,
and OTC derivatives like swaps) on
consumers of these products to manage SEC, FERC, and FSA, as
Tuesday September 21st. The G20
their risks. well as members of the
plans to hold a public event in late
On exchanges like Liffe, ICE United States Senate and
December or early January, with a
(Intercontinental Exchange) and CME the United States House of
follow-up in March of next year. So far, Representatives to discuss
(Chicago Mercantile Exchange), producers
the G20 has committed only to "improv these topics. He has also
and consumers of everything from
[ing] the over-the-counter derivatives lectured frequently in the
metals to coffee to crude oil can come
market" rather than radically United States and his native
together to enter into and trade
restructuring it, as has been the case in United Kingdom on market
contracts for future delivery. For structure and function, and
the US. In part, this is a product of
example, a farmer could enter into a on appropriate regulatory
mass lobbying by financial institutions.
grain futures contract with a large baker to frameworks.
It is essential that members of civil
lock in a certain price for his crop, and David is an expert in financial
society speak up at these events. We
an airline could use oil futures to protect markets, and has extensive
must let the G20 know that in a fair
itself from a spike in fuel prices. These training in statistical analysis
world lives and livelihoods come before and other formal
commercial participants are joined by
financial profiteering. mathematical techniques.
speculators, who seek to profit by filling
6
7. G20UPDATE
BACKGROUNDER
COMMODITY SPECULATION
Commodity Markets businesses to plan ahead more easily futures trading strategies that seek to
without having to worry about drastic replicate one of the major commodities
They are markets where raw or price swings. indices by mechanically following that
primary products are exchanged. and index’s methodology. They aim to profit
traded on regulated commodities Commodity Index from price movements in commodities
exchanges, in which they are bought futures. They are not in the market to
and sold in standardized contracts In a commodity index, an investor’s hedge an underlying exposure to
money is spread among a number of physical commodities and are not
What is a Futures Contract? commodities. For example, if an involved in the production or
investor buys $1000 of the S&P/ consumption of actual tangible
A futures contract is an agreement Goldman Sachs commodity index, $700 commodities. They are predominantly
to buy or sell in the future a specific would be invested in energy futures like institutional investors such as corporate
quantity of a commodity at a specific crude oil and natural gas, $140 in and government pension funds,
price. Most futures contracts agricultural commodities like wheat, sovereign wealth funds, public and
contemplate actual delivery of the corn and soybeans, $80 in industrial private foundations and life insurance
commodity can take place to fulfill the metals like aluminum and copper, and companies.
contract. However, some futures the rest in livestock and precious metals.
contracts require cash settlement in lieu
of delivery, and most contracts are
Derivative Chicago Mercantile
liquidated before the delivery date. An Exchange
option on a commodity futures contract A financial instrument, traded on
gives the buyer of the option the right to or off an exchange, the price of which is The Chicago Mercantile Exchange
convert the option into a futures directly dependent upon the value of (CME) is an American financial and
contract. They allow buyers and sellers one or more underlying securities. commodity derivative exchange based
of physical commodities to hedge their Derivatives involve the trading of rights in Chicago. It trades several types of
prices and to determine the market or obligations based on the underlying financial instruments: interest rates,
price of the commodities. product but do not directly transfer that equities, currencies and commodities
product. Derivatives can also be used to and has the largest options and futures
Who uses Futures and acquire risk, rather than to insure or contracts open interest (number of
Options Markets? hedge against risk. Thus, some contracts outstanding) of any futures
individuals and institutions will enter exchange in the world.
Most of the participants in the into a derivative contract to speculate
futures and option markets are on the value of the underlying asset, Commodity Futures Trading
commercial or institutional users of the betting that the party seeking insurance Commission
commodities they trade. These users, will be wrong about the future value of
most of whom are called “hedgers”, the underlying asset. The Commodity Futures Trading
want the value of their assets to increase Commission is an independent agency
and want to limit, if possible, any loss in of the United States government based
value. Hedgers may use the commodity Over-the-counter (OTC) on the Commodity Exchange Act,
markets to take a position that will derivatives which prohibits fraudulent conduct in
reduce the risk of financial loss in their the trading of futures contracts. In
Are contracts that are traded (and
assets due to a change in price. Other 1974, Congress amended the Act to
privately negotiated) directly between
participants are “speculators” who hope create a more comprehensive regulatory
two parties, without going through an
to profit from changes in the price of framework and created the CFTC. It’s s
exchange or other intermediary. The
the futures or option contract. OTC derivative market is the largest mission is to protect market users and
market for derivatives, and is largely the public from fraud, manipulation,
Hedge unregulated with respect to disclosure of and abusive practices related to the sale
information between the parties, since of commodity and financial futures and
A hedge is a bet in the opposite the market is made up of banks and options.
direction from your primary risk. As a other highly sophisticated parties, such
farmer wants the price of grain to be as hedge funds. Sources:
high, a hedge is any bet (contract) in the - http://www.cftc.gov/
opposite direction, i.e. buying a future - http://www.wdm.org.uk/stop-
that rises in value if grain prices drop. Index Speculator bankers-betting-food/glossary-
That effectively locks in a price for a Index speculators are institutional financial-jargon
future sale, which allows farmers and investors engaged in commodities - http://en.wikipedia.org/wiki/
7
8. G20UPDATE
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