Little will be done to curb harmful food speculation today as EU finance ministers meet to approve their position on the new Markets in Financial Instruments Directive (MiFID II) – which sets new regulations for financial markets. According to a broad coalition of environmental and development organizations, loopholes in the legislation will render it ineffective to prevent food speculation, and the resulting food price spikes that hit the poorest the hardest.
Onus of incorporating strong rules to limit speculation on food commodities into Markets in Financial Instruments Directive (MiFID) now lies with Member States
Joint NGO media reaction by Oxfam; Friends of the Earth Europe; World Economy, Ecology and Development (WEED); World Development Movement
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, bu