FAO participates in the 92nd Annual General Meeting of the Bank for International Settlements (BIS)

The Director of the FAO Liaison Office with the United Nations in Geneva, Mr Dominique Burgeon, represented FAO at the BIS 92nd Annual General Meeting held in Basel on 25 and 26 June. The event included a panel discussion on policy approaches to climate-related financial risks featuring a number of high-level experts to debate on the role standard setting bodies, Central Banks and other international organizations play in addressing the challenges posed by climate change to the well functioning of the financial system.

Mr Burgeon reminded the audience of the current food security challenges facing the world and the required transformation towards more resilient agrifood system. While noting the specific vulnerability of the agriculture sector to the effect of climate change, Mr Burgeon also flagged the importance of the significant investments which will have to be made. He further highlighted the importance of the various systems interacting with food systems, including the financial one which has an important role to play in that context, specifically in creating the conditions for such investments.

The day-long discussions also included a Presentation of the BIS Annual Economic Report 2022 by the BIS General Manager (former Governor of the Central Bank of Mexico), the Head of Monetary and Economic Department and the Head of Research. The presentation clearly focused on the importance of fighting high inflation and provided technical recommendations on how to adapt policy responses to the current transition from low to high inflation regime.

The Bank for International Settlements (BIS) was established in 1930 by an intergovernmental agreement between Germany, Belgium, France, the United Kingdom, Italy, Japan, the United States, and Switzerland. The BIS is an international financial institution owned by central banks that fosters international monetary and financial cooperation and serves as a bank for central banks. 63 Central Banks and monetary authorities are currently members of the BIS and have rights of voting and representation at General Meetings.