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Friday, 25 February 2011

Commissioner Barnier at the International Agriculture Fair in Paris

Visiting the international agriculture fair in Paris, the commissioner talked about the revision of the financial market instruments directive, to be proposed in Brussels in June. Like the French government, Barnier said he was very concerned about the volatility of commodity prices. In his eyes, three factors are responsible for it: growing agricultural demand, monetary fluctuations and speculation. The commissioner insisted that “speculation is not the prime reason for price volatility”. Nonetheless, Barnier deplored the fact that food commodities are now becoming “an object of speculation like other products”. He said that the markets need more transparency: “I want us to shed more light on the rules in the markets, and on those people who don’t like the light.” To achieve this, he suggested the establishment of position limits in those markets concerned with food commodities.