Hier een flimpje waarin het mechanisme van buitensporige voedselspeculatie wordt uitgelegd, en een pleidooi voor regulering. Daaronder een dringende brief van Europese NGO’s over dit onderwerp, n.a.v. de EU plannen voor het voedsel- en landbouwbeleid.
Korte inhoud van onderstaand engelstalig bericht: De nieuwe regels voor gokken op voedselprijzen voorgesteld die door de Commissie zijn voorgesteld en de komende maanden besproken worden zijn niet voldoende om voedselspeculatie tegen te gaan zeggen milieu- en ontwikkelingsorganisaties in een gezamenlijke reactie. De voorstellen behelzen een beperking van het aantal en de omvang van speculaties, maar er zijn teveel uitzonderingen. De lidstatenene en hun financiële industrie krijgen teveel ruimte om de zaken naar eigen inzicht te interpreteren, en speculaties die los staan van vraag en aanbod worden niet genoeg ingeperkt. De grote handelaren in graan en mais blijven buiten schot. Als het aantal en de omvang van speculaties met allerlei financiële ‘producten’ niet beperkt wordt zullen miljoenen meer mensen honger leiden. (Friends of the Earth, Oxfam, WEED, SOMO; voor de volledige engelstalige tekst zie onder)
20 October 2011
Friends of the Earth Europe (FoEE) – Oxfam – World Development Movement (WDM)
Centre for Research on Multinational Corporations (SOMO) World Economy, Ecology & Development (WEED)
CNCD-11.11.11 – Campagna per la Riforma della Banca Mondiale (CRBM)
European Commissions proposal for financial markets lacks teeth
More robust rules are needed to tackle food speculation
New rules proposed today by the European Commission will shed light on betting on food commodities by financial traders, but will not do enough to prevent speculation from fuelling high and volatile food prices. The warning comes from environment and development groups in a joint reaction to the new draft Markets in Financial Instruments Directive (MiFID II) and accompanying regulation.
The proposed reform, to be debated by the European Parliamant and EU member states in the coming months, allows for limits on the number and size of bets that traders can make when buying and selling futures contracts (so-called position limits) in an attempt to restrict the impact on prices of commodities such as wheat or soy, and tightens up on harmful high frequency trading. However, the Commissions proposal falls short of tackling food speculation head-on. It includes too many exemptions, allows EU member states to create alternative arrangements to position limits and does not go far enough to clamp down on speculation that is divorced from supply and demand.
Marc-Olivier Herman, Oxfam Internationals EU policy advisor, said: The European Commissions blueprint is lacking teeth on commodities speculation. As it stands now, the proposed reform is not robust enough to make sure excessive speculation does not cause drastic price swings in staple foods and to fix broken commodity markets so they work for food producers and consumers. For many people in developing countries food prices are a matter of life and death.
The Commissions proposal provides for exemptions allowing financial subsidiaries of commodity traders to escape the scope of the regulation. Daniel Pentzlin of Friends of the Earth Europe said: The European Parliament and EU member states must now ensure that the rules apply to all speculative activities. Its unacceptable to leave big traders of grain or maize outside the scope of the market regulation and let them profit from high and volatile food prices. Caps on the number and size of the bets speculators can make are key to tackling excessive speculation, which has contributed to pushing millions around the world into hunger and poverty.
Caps on the number and size of the bets speculators can make are key to tackling excessive speculation, which has contributed to pushing millions around the world into hunger and poverty. Markus Henn of the German organisation WEED said: The Commissions proposal to allow member states to set-up alternative arrangements to position limits is unacceptable, as it allows the financial industry to water down the rules by lobbying EU member states for their preferred interpretation.
Speculation disconnected from supply and demand: Commodity Index Funds, Exchange Traded Funds, High Frequency Trading and other investment products foster speculation that is detached from the real economy and widely blamed for fuelling food price volatility. Murray Worthy of the World Development Movement said There is no reason why investors seeking to diversify their portfolio should be allowed to flood food commodity markets causing erratic price swings and pushing up prices. Authorities must have sufficient powers to limit excessive speculation and ban trading activities harmful to society.
For more information, please contact:
Daniel Pentzlin, Friends of the Earth Europe, + 32 2 893 1024 or daniel.pentzlin@foeeurope.org
Angela Corbalan, Oxfam, + 32 473 56 22 60 or angela.corbalan@oxfaminternational.org
Markus Henn, World Economy, Ecology & Development (WEED) + 49 30 2758 2249 or markus.henn@weed-online.org
Myriam Vander Stichele, SOMO, + 31 0 (20) 6391291, m.vander.stichele@somo.nl