Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-02-16-Speech-3-430-000"
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"en.20110216.15.3-430-000"2
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"Madam President, there are several reasons for the widespread volatility in food prices: extreme weather conditions, limited natural and energy resources and the increase in the world population. Another two reasons should also be highlighted: concentrations, by which I mean the oligopoly of the multinationals in the food supply chain, and a lack of transparency and speculation on the commodity markets.
In the wake of deregulation of the financial markets, futures trading on the commodity exchanges changed from a hedging tool to a tool for speculative transactions. The most important exchanges are located outside Europe.
Following the financial crisis, various hedge funds turned to the commodity exchanges, where financial reserves are now fifteen times higher than actual agricultural stocks, in order to recoup their losses. We therefore need an institutional framework limiting their investments in derivative agricultural markets directly linked to the food sector.
I welcome the initiatives being taken by the French Presidency of the G20 and I firmly believe that maintaining a strong European agricultural sector in order to safeguard food security depends on securing a fair income for farmers and taking effective measures to regulate the market within the framework of the new CAP."@en1
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