Members of the European Parliament meeting in Plenary Session on 17 February, have approved a resolution which calls for urgent measures to combat food price manipulation and ensure that food production is maintained in the EU. The text reflects Parliament's position in relation to the effects that climate change and commodity speculation are having in threatening food security inside and outside the EU.

In their resolution, MEPs remind that droughts, floods, fires and storms, on a greater scale than in the past, are reducing agricultural capacity all over the world. For this reason they support the adoption of best practices to improve soil and water management in order to prevent loss of farmland. They also called on the Commission to monitor national climate change mitigation measures.

Tackling food prices speculation in International agricultural raw materials market...

MEPs urged the G20 to work for the convergence of market regulations by involving countries that are not part of the G20 in the fight against food price manipulation. Criticising speculation in food commodities, agricultural raw materials and energy markets - all of which puts food security at risk, the Parliament asked for a global action against volatility and abuses over agricultural products prices.

More precisely, Parliament asks the Commission to consider giving the new European Security and Markets Authority more power to prevent abuses in commodity markets, considering that dealing in food commodities should be limited to investors who have a genuine link with agricultural markets.

In addition, MEPs call on national governments not to impose curbs on exports, as these provoke greater uncertainty in the markets and disrupt world markets, and therefore have the potential to drive prices up further at global level.

Since agriculture is a key economic sector in the developing world, MEPs call for a larger proportion of the financial aid for this sector to be used to support more effective and sustainable farming practices. They add that land ownership should be promoted to reduce poverty and increase food security.

... and supporting EU farmers

MEPs highlighted that in order to guarantee food security in the EU, a strong Common Agricultural Policy is needed. Declining farm incomes, caused by higher production costs to meet health, environmental and animal welfare standards, need to be urgently addressed to ensure there are farmers in the EU in the future. In reminding Parliament's call for fair competition in the food supply chain, MEPs stressed that market intervention tools, such as intervention and strategic stocks, must be part of the policy.