Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-02-16-Speech-3-450-000"
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"en.20110216.15.3-450-000"2
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".
The steep rise in food prices is caused by the simultaneous effect of three factors: the loss of yields caused by natural disasters, the growing demand for food, especially on the part of China and India, and commodity exchange activities, that is, price speculation. French President Nicolas Sarkozy raised a very pertinent question a couple of weeks ago: If money markets are regulated, why aren’t commodity markets? We must take action against speculation far more effectively at both EU and global level. The main cause of the food price shock has been the tremendous fluctuation in supply. Only 10–20% of cereals change hands on the global market, and yet a reduction in production can result in a state of panic. Based on forecasts of diminishing supplies, importers drive up prices.
It is not fair towards either the producers or the consumers that internal prices, too, are determined by export prices, since at least 80% of production is used where it has been produced. Russia, in its former position as an exporter, and currently as an importer, has been a fundamental influence on the European cereal and oil seed market. The supply shock is further exacerbated by speculation on the futures markets, resulting in a food price shock. The main problem is therefore not caused by a physical lack of food, but by food prices the poor can no longer afford. This results in foodstuffs remaining in storage instead of being sold at equitable prices. High prices have a debilitating effect on consumers, in particular those in the poor strata of society."@en1
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