Thursday, January 16, 2014

food speculation update

Back in October 2011, I published a feature on food speculation (i.e. the gambling with vital commodities on international financial markets, which can leave real people unable to buy the food they need to survive), so I was pleased to hear yesterday that the EU is now taking action, as it sealed a deal on the reform of the Markets in Financial Instruments Directive (MiFID), which sets new regulation for financial markets.

As always when the EU does a good thing, the UK government is fighting hard to stop it, but I understand it only succeeded in watering it down a bit, and campaigners from the World Development Movement are claiming the EU decision as a win for their fight against food speculation.

Here are the reactions from:

WDM: EU takes historic step to stop banks betting on hunger

Oxfam: EU deal on curbing food speculation comes none too soon

Friends of the Earth: New finance directive lays out improvements, but loopholes remain

See also this report from the Guardian: EU moves to curb food price bets by traders

Photo: WDM.

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