MEPs must put food security before the interests of the financial sector

 

This week, Members of the European Parliament have a real opportunity to tackle food speculation.

High and volatile food prices are driving millions into poverty in low income food import dependant countries. European families are feeling the bite too. On October 26th, when they vote on the Markets in Financial Instruments Directive (MiFID), Members of the European Parliament (MEPs) have a real opportunity to do something about it. They must adopt tight rules for commodities derivatives markets to put the brakes on food speculation. In a world where 900 million people are going to bed hungry every night, MEPs must put food security before the interests of the financial sector.

On October 26th, the European Parliament’s plenary will be voting on an important piece of legislation to regulate markets in financial products derived from food and other commodities. But as it stands now, the Markets in Financial Services Directive (MiFID) is not robust enough to clamp down on excessive speculation that fuels food price volatility and rises.

Members of the European Parliament (MEPs) must ensure that the proposed mandatory limits on speculation in commodities will be effective. They must close loopholes in article 59 MiFID on position limits by voting in favour of amendment n°3 and support split votes on article 60 MiFID on position reporting to boost the transparency requirements to be imposed on market players.

Tweet or email your MEP to tell them we’re counting on their vote to stop food speculation from fueling hunger on Friday October 26! Find your MEP’s Twitter ID here.

Follow us at @OxfamEU for more information.

Click on the links to learn more about food speculation and its devastating impact:
Watch these videos on youtube: What is food speculation? A matter of life and death
Oxfam-WDM-Friends of the Earth briefing note “Not a Game”
Learn more on MiFID “Back to Fundamentals”
Read our latest media releases on MiFID

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Oxfam's EU Advocacy office in Brussels works to ensure EU policies and practices affecting poor countries have a greater impact on those most in need. Our work spans numerous policy areas including development aid, food security, climate change, and the provision of humanitarian assistance to victims of conflicts and natural disasters. more.



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