Betting on hunger? Why Europe must prevent speculation on commodities
AK EUROPA, the Brussels office of the Austrian Federal Chamber of Labour, and the ÖGB Europabüro, the Brussels Office of the Austrian Trade Union Federation, cordially invite you to this panel discussion
Where? Representation of North Rhine-Westphalia
Rue Montoyer 47, 1000 Brussels
In today's world, financial markets dominate traditional industry and agriculture. The extreme deregulation of financial markets resulted in a massive increase in speculation not only in shares and bonds, but also in food and raw materials. The "financialisation" of raw materials affects the daily life of all citizens. Private households and consumers are massively hit by unprecented price fluctuations of commodities such as oil, electricity, cereals, etc., caused by speculation. In 2008, the price of a barrel of oil plummeted from 140 dollars to 40 dollars over a period of just six months. Extreme price volatility is also an everyday fact in agricultural markets, threatening the right to food for hundreds of millions of people in developing countries who are extremely vulnerable to sudden price changes in global markets.
The G20 as well as EU Internal Market Commissioner Michel Barnier have made a pledge to ensure greater integrity, transparency and stability on raw material markets by means of regulation. One of the regulatory measures envisaged by the Commission is the currently ongoing review of the "Markets in Financial Instruments Directive (MIFID)". Will this be enough to restore the stability of both financial and raw material markets?
Taking part in the discussion:
Heiner Flassbeck, Director and Chief Economist at UNCTAD (United Nations Conference on Trade and Development) will - for the first time in Brussels - present the results of a recently published study on price volatility in commodity markets commissioned by the Austrian Arbeiterkammer (AK)
Robert Goebbels, MEP, Shadow Rapporteur MIFID (S&D)
Jasper Jorritsma, European Commission, Directorate General Internal Market
Sven Giegold, MEP (Greens)
Silvia Angelo, Head of Economic Policy Department Arbeiterkammer (AK)
Jonathan Whitehead, Société Générale Corporate & Investment Banking (tbc)
Moderation: Detlef Fechtner, Brussels correspondent "Börsenzeitung"
The panel discussion will be held in English.
Following the discussion we would like to invite you to join us for a buffet dinner.
Please register until 7 November 2011 using one of the following links: