EU DEBATE SESSION: CAN THE EU LIMIT SPECULATION IN FOOD PRICES?
Private equity funds and banks speculating in food prices to the detriment of especially people in poor countries. The US has adopted measures and the battle is now on the EU to follow suit. EU expert Kenneth Haar from Corporate Europe Observatory says about the problem and the proposal from the EU. CARE Denmark will with concrete cases from eg Africa show how hard some of the world's poorest people will be hit by rising food prices as speculation leads. One expert estimates that 70-80% of trade in food now consists of speculation. A single investment bank Barclays Capital 2010 are estimated to have earned 1.6 billion. crowns on alone to advise their speculator customers in investing in food contracts. How much have speculators so not served? It is a transboundary problem for the whole world, but what can the EU do?
