The ongoing surge in commodity prices, with agricultural commodities also spiking again of late, has become the number one risk for the world economy. In the short term little can be done. The high prices also reflect shortages and provide incentives to curb usage. This, coupled with the slowdown in the world economy, will dampen demand for commodities and hence prices. Against this backdrop, the central banks must not neglect their efforts to stabilize the situation, even if doing so deals a further blow to the economy. The economy looks set to hit a weak patch and the financial markets face highly volatile times. / Only available in German.