New E.U. limits on food speculation.
As part of the reforms to the E.U.’s Markets in Financial Instruments Directive [much more comprehensible in German: financial markets guideline, Finanzmarktrichtlinie], negotiators from the E.U. Commission, Member States and Parliament agreed to create new upper limits capping possible food speculation, in an attempt to calm the markets and prevent investment-driven hunger around the world. Now that this agreement has been reached, it will take about 2.5 years for the Member States to implement the new caps in their national laws.
The British government under Prime Minister David Cameron (Tory party) held out for a long time against putting limits on commodities markets, even for foodstuffs. Proponents for the limits included some banks that voluntarily announced they would stop trading in food commodities. ARD tagesschau.de reported 100,000 people also signed a petition to the E.U. last year asking for this reform.
(NOY ah eh OO grents en fooeah shpeck oo lah tsee OWN mitt GNAW roongz mitt elln.)