STOP FOOD SPECULATION AND BRING REAL HELP TO THE HORN OF AFRICA

S&D Euro MP Arlene McCarthy, Vice Chair of the economic and monetary affairs parliamentary committee, proposed the resolution's call to crack down on harmful financial speculation on food. Following the vote on the resolution on the famine in East Africa she said: "It is estimated by the World Development Movement that in 2009 Goldman Sachs alone earned five billion dollars through commodities trading.

"It is clear that excessive levels of financial market speculation on agricultural derivatives are driving runaway global food prices. A recent World Bank report confirms that these high and volatile prices are making it even harder for people to survive the food crisis in the Horn of Africa.

"Profiting from people's hunger is immoral and we must put an end to it now.

"We will continue to campaign for action by the European Commission. In the meantime financial institutions should take action themselves and show that their commitments to corporate social responsibility are more than mere words in an annual report."

Socialists and Democrats in the European Parliament also called for strengthening the link between humanitarian action and development policy.

S&D spokesperson on development Thijs Berman said: "We need a better follow-up with the necessary infrastructure: water pumps, schools, solar panels, health clinics, roads. The EU could do better, securing the link between emergency action and long term development efforts.

"Natural catastrophes seldom come alone. In failed states, many more victims fell as a consequence of natural disasters than elsewhere. It is the total lack of a functioning state in Somalia that deprives the population of access to basic services.

"It is appalling that the EU still has not coherent vision on how to deal with failed and fragile states although these states should be a priority in our external action and development policy."

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