Overall, the impact of climatic disasters on inflation in advanced economies appears relatively limited. While storms and droughts may increase food prices in the near term, the effect is shortlived and is typically reversed within a year.
The first world peace conference was held in 1899 in The Hague and resulted in the establishment of the Permanent Court of Arbitration. The idea of adding private dispute resolution in the financial markets to this landmark decision would fit perfectly in The Hague’s international judicial tradition. BIS Review 140/2010  5