Spiralling food and energy prices are threatening global economic growth, French President Nicolas Sarkozy has warned. Speaking in Brussels, the current G20 head called for stricter rules to reign in those who profiteer from trading in food and other commodities.
Sarkozy said that could only be achieved through better oversight of markets: ’‘I’m saying who can accept this, during a time when we don’t have enough to feed the planet, speculators trade 46 times more than the actual volume of the world wheat market.’‘
Low rainfall worldwide has caused wheat prices to rise to their highest levels since 2008. EU ministers insist they are watching things closely.
EU Agriculture and Rural Development Commissioner Dacian Ciolos said: “Hopefully this Autumn we will be able to publish data on production and on stocks of key produce. I’m thinking of cereals, oilseeds, meat and dairy production.”
In addition, fuel prices are being blamed for the hike in farm production costs. Consumer protection groups are demanding more transparency.
‘‘What we often find is that foodstuffs go up and when the price of raw materials falls these foodstuffs don’t drop by the same amount. That tells us there are a certain number of anomalies in the market, perhaps because of an absence of transparency and regulation,’‘ said Jean-Philippe Ducart from Belgian consumer protection agency Test-Achats.
The result on high streets in many parts of Europe – higher prices on some of the most basic food items. Our correspondent Christelle Pétrongari in Brussels says: ’‘A lot of talk and a lot of initiatives, but experts say it is impossible to regulate the global food market in the face of speculation. Many believe this poses a real threat to the world economy, that’s why it is up for discussion at the forthcoming G20 summit in Cannes in November.’‘
Copyright © 2015 euronewsMore about:
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Exclusive: CIA and Mossad are behind Boko Haram and ISIL, says Sudan president | euronews, world news
- 3eurovibes - a selection of Europe’s best music talent
- 4English and Spanish among happiest languages | euronews, world news
- 5Greek debt: who will pay if Greece fails? | euronews, world news
- 6Exclusive: Tsipras promises meritocracy, transparency for Greece, urges Europe to put people first | euronews, world news
- 7Watch: Ukraine MPs in fierce fist fight outside parliament | euronews, world news
- 8Dramatic dashcam video captures Taiwan plane crash | euronews, world news
- 9International news | euronews, latest international news
- 10Data ‘mocks’ claims migrants try for Europe ‘expecting’ sea rescue | euronews, world news
- 11European Union News | euronews: latest breaking news and headlines about European Union
- 12Kosovo emptying out, hopes for independent future exhausted | euronews, world news
- 13Tens of thousands march in Moscow in memory of Boris Nemtsov | euronews, world news
- 14‘Blue’ dress causes internet confusion. Is it white and gold? | euronews, world news
- 15Live updates: follow the 2015 Oscars ceremony | euronews, world news
- 16euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 17Implanted RFID chip controls office access for Stockholm workers | euronews, hi-tech
- 18Barack Obama’s silly Buzzfeed video goes viral | euronews, world news
- 19Elastic road surface reduces motorway noise pollution | euronews, futuris
- 20Canada: Valentine’s Day mass shooting plot foiled say police | euronews, world news