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.’‘
- 1Poroshenko has ‘full evidence’ of Russia’s presence in Ukraine
- 2Expectations low for EU summit amid fears of provoking Russia
- 3EU warns eastern neighbours of long road to closer ties
- 4EU calls for 40,000 asylum seekers from Italy, Greece to be relocated
- 5Europe Weekly: EU backs migrant mission to its south, looks east
- 1Snowden, Assange and Manning statues unveiled in Berlin | euronews, world news
- 2Chomsky says US is world’s biggest terrorist | euronews, the global conversation
- 3euronews live TV - News | euronews : the latest international news as video on demand
- 4Nepal: ‘equally big earthquakes coming in eastern regions,’ expert tells euronews | euronews, world news
- 5It’s a girl: Britain’s Duchess of Cambridge gives birth in London | euronews, world news
- 6How Nepal earthquake devastated Kathmandu’s UNESCO heritage | euronews, world news
- 7Juncker to Hungarian PM Orban: “Hello, Dictator!”
- 8Evidence of ancient wine found in Georgia a vintage quaffed some 6,000 years BC
- 9Exclusive: unrest in FYR Macedonia could hit other Balkan countries warns Serbian PM | euronews, world news
- 10International tv news | euronews: European and International tv news bulletin
- 11International breaking news | euronews online world breaking news in video
- 12Andrea Ferrari: the graphene guru | euronews, science
- 13Portuguese language reform law goes global | euronews, world news
- 14EU membership remains Serbia’s priority, says PM Aleksandar Vucic | euronews, the global conversation
- 15Spanish voters punish mainstream parties in local and regional elections
- 16Spain: the viral soldiers fighting in Madrid and Barcelona mayoral races | euronews, world news
- 17Watch: France’s Jean-Marie Le Pen clashes with UKIP MEP Woolfe | euronews, world news
- 18Recharging without cables: the road ahead for electric cars
- 19Chernobyl Children: what makes Ukrainians born in 1986 different? | euronews, world news
- 20We will not be moved! China’s urban spread resistance [PHOTOS]