L 354/62 Official Journal of the European Union 31.12.2008 REGULATION (EC) No 1337/2008 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 December 2008 establishing a facility for rapid response to soaring food prices in developing countries THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EURO- PEAN UNION, Having regard to the Treaty establishing the European Commu- nity, and in particular Article 179(1) thereof, Having regard to the proposal from the Commission, Acting in accordance with the procedure laid down in Article 251 of the Treaty (1), Whereas: The volatility of food prices has put numerous developing countries and their populations in a dramatic situation. This food crisis, accompanied by a financial and energy cri- sis and environmental deterioration, risks putting addi- tional hundreds of millions of people in extreme poverty, and in circumstances of hunger and malnutrition and calls for increased solidarity with those populations. All the data on the outlook for food markets lead to the conclusion that the high volatility of food prices could continue in the years to come. As a complement to the European Union’s current devel- opment policy instruments, a financing facility for a rapid response to the crisis caused by volatile food prices in developing countries should therefore be established by this Regulation. The European Consensus on Development (2), adopted by the Council and the Representatives of the Governments of the Member States meeting within the Council, the Euro- pean Parliament and the Commission on 20 December 2005, states that the European Community (hereinafter referred to as ‘the Community’) will continue to work to improve food security at international, regional and national level, to which goal this Regulation should contribute. (") Opinion of the European Parliament of 4 December 2008 (not yet published in the Official Journal) and Council Decision of 16 Decem- ber 2008. (?) Joint statement by the Council and the representatives of the govern- ments of the Member States meeting within the Council, the European Parliament and the Commission on European Union Development Policy: ‘The European Consensus’ (O] C 46, 24.2.2006, p. 1). ) The European Parliament adopted on 22 May 2008 a reso- lution on rising food prices in the European Union and the developing countries, urging the Council to ensure coher- ence of all food-related national and international policies aiming at implementing the right to food. During its meeting of 20 June 2008, the European Coun- cil strongly reaffirmed its commitment to achieving a col- lective Official Development Assistance (ODA) target of 0,56 % of Gross National Income (GNI) by 2010 and 0,7 % of GNI by 2015, as set out in the Council conclusions of 24 May 2005, the European Council conclusions of 16 and 17 June 2005 and the European Consensus on Development. Acknowledging in its conclusions of 20 June 2008 that high food prices were affecting the situation of the world’s poorest populations and putting at risk progress towards the achievement of all Millennium Development Goals (MDGs), the European Council adopted an EU Agenda for Action on MDGs which states that the European Union is committed, in line with the Food and Agricultural Organi- sation (FAO) Conference Declaration adopted by the FAO High Level Conference on World Food Security on 5 June 2008 (the FAO Conference Declaration’), to promote a global partnership for food and agriculture and wishes to play a substantial role in helping to bridge part of the financing gap by 2010 in the areas of agriculture, food security and rural development. The European Council also concluded that in this endeav- our the European Union will promote a more coordinated and longer-term international response to the current food crisis, in particular in the United Nations (UN) and in inter- national financial institutions, that it welcomes the estab- lishment of the High-Level Task Force on the Global Food Security Crisis (HLTF) established by the UN Secretary- General and is determined to play its full part in imple- menting the FAO Conference Declaration. In this regard a Comprehensive Framework of Action (CFA) has been adopted by the HLTF, and international organisations and regional organisations have launched their own initiatives. The European Council also concluded that the European Union will support a strong agricultural supply response in developing countries, providing in particular the necessary financing for agricultural inputs and assistance in using