Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-01-19-Speech-4-042-000"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20120119.3.4-042-000"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
"Madam President, the rising cost of food is of great concern, particularly at this time of economic hardship.
From an economic and monetary affairs perspective, we will deal in detail with the issue of commodity derivatives, and agricultural markets in general, in the regulation on markets in financial instruments and the Market Abuse Regulation over the course of this year. We need, however, to ensure that our financial services legislation is joined up with our wider agricultural policies. The key will be transparency. Ultimately, we do not know what role financial market participants are playing in the world’s commodity markets because there is a lack of transparency in the trading process.
This report makes clear just how many factors influence the price of food, yet it is easy for politicians directly to blame banks and hedge funds for price volatility. This is not a two-dimensional discussion, and the Commission needs to look for more sophisticated tools to remove the opacity in commodity markets and give financial regulators a full toolbox. They really need to clamp down on any abusive behaviour as and when it may occur.
Nevertheless, we need to proceed with caution, as food producers need to be able to continue to use agricultural commodity derivatives to hedge their business exposures. Financial participants should, however, reduce – not cause – volatility in our prices."@en1
|
| lpv:spokenAs | |
| lpv:unclassifiedMetadata | |
| lpv:videoURI |
Named graphs describing this resource:
The resource appears as object in 2 triples