French push to regulate commodities

first_img FRANCE has sent detailed proposals to the European Commission calling for common action to regulate volatile commodities markets before it is due to head the Group of 20 economic powers, ministry officials said.President Nicolas Sarkozy said last week that regulating commodity derivatives would be one of the priorities of France’s presidency of the G20 starting in November for a year.France’s economy, energy and agriculture ministers sent a letter to three European commissioners on 27 August stressing that current European regulation was not enough and calling for coordinated and cross-sector EU action.“At a time when commodities markets are more and more financial, the European regulation of commodity derivatives markets appears insufficient to us,” the ministers wrote in a letter made public by the economy ministry.The derivative markets cited in France’s proposals include grains and other raw agricultural products, metals, oil, gas and CO2 quotas.European commodity markets are under pressure to tighten regulation as the United States pushes forward with plans to tame speculative activity, which was blamed by some for boosting food and energy prices to record highs in 2008.France wants the EU to adopt new legislation to improve its own system but also hopes to convince its European counterparts to put forward a joint proposal at the G20.In February farm ministers from the Organisation for Economic Co-operation and Development (OECD) failed to produce concrete measures on market regulation at a meeting on price volatility as differences surfaced on several issues. whatsapp French push to regulate commodities KCS-content More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April whatsapp Share Show Comments ▼ Tuesday 31 August 2010 9:04 pm Tags: NULLlast_img read more