Activists from Friends of the Earth Europe and Indonesia have completed an awareness-raising tour of Europe, bringing their experiences of environmentally and socially destructive palm-oil production in South East Asia, to the continent most responsible for financing it. Palm-oil companies, often with the backing of European investors, have been involved in land-grabbing, deforestation and the illegal production of palm-oil in Indonesia, according to Friends of the Earth Europe.
Five years on from the bankruptcy of the Wall Street bank Lehman Brothers, Europe has done little to respond to the ensuing financial crisis, according to a statement from 40 civil society groups. Europe still lacks the solid regulation that could prevent another financial collapse, and the necessary measures to curb the influence of the financial lobby in Brussels.
Actors dressed as bankers were restrained with hazard tape today in a stunt calling on EU negotiators to strengthen rules intended to curb the destructive practice of food speculation.
The protest by Friends of the Earth Europe, alongside development organisations FairFin, Oxfam, SOS Faim, World Development Movement and CNCD, comes at the start of crucial negotiations on proposed EU financial reforms known as MiFID (Markets in Financial Instruments Directive).
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 organisations, loopholes in the legislation will render it ineffective to prevent food speculation, and the resulting food price spikes that hit the poorest the hardest.
Food speculation by banks and financial institutions continues to contribute to rapid and unpredictable swings in food prices, which hit the most vulnerable hardest. Today, finance ministers have the opportunity to curb this destructive practice, as the council of economic and financial affairs discusses its position on the Markets in Financial Instruments Directive (MiFID) – which sets new regulations for financial markets.
Environment, consumer and labour groups have written to European Union Heads of State and Government warning them of the dangers to the environment, health, and consumers of proposals to reduce regulatory burden.
The letter was sent by the Green 10, of which Friends of the Earth Europe is a member, together with the European Trade Union Confederation and the European Consumers’ Organisation,
MEPs voted today on the proposed financial reforms known as MiFID (the Markets in Financial Instruments Directive). The reforms adopted impose limits on the amount of shares a speculator can hold in the market, but serious loopholes mean food speculation can continue to drive up food prices and price volatility, according to Friends of the Earth Europe.
Campaigners used hundreds of pots and pans to spell out 'Stop food speculation' in giant letters outside the European Parliament today ahead of a key vote by MEPs on proposals to prevent banks and financial investors driving up food prices through financial speculation.
The 925 pots and pans used represented the 925 million people facing hunger worldwide.
Brussels, September 26 - Today the European Parliament's Committee on Economic and Monetary Affairs (ECON) adopted its report on the review of the Markets in Financial Instruments Directive (MiFID). This piece of legislation is critical to achieve stronger regulation of commodity derivative markets and limit harmful financial speculation on food.
The EU Summit, initially planned to discuss the purpose and effectiveness of the future €1 trillion EU Budget 2014-2020, was instead used to focus on a disputed attempt at a fiscal union and more quick fix bank bailouts – which to date have cost the tax payer over €4.5 trillion . As governments put more money in irresponsible banks, they reduce their capacity to invest in a greener EU budget and economy.