Stéphane Le Foll, on behalf of the S&D Group. – (FR) Madam President, President-in-Office of the Council, Commissioner, I fully agree with the remark that Mairead McGuinness has just made on the fact that there is a fundamental link between the issues of food and agriculture.

The issue we are addressing is rising food prices and the consequences that may have for a certain number of populations around the globe, as well as in Europe.

I would first like to make the following observation. The trend towards ever higher agricultural and commodities prices is, in my view, a long-term trend, which will continue for three main reasons: first, world demographic trends and a rising world population; second, the fact that, with global warming, we are experiencing problematic weather hazards such as drought and floods; third, because the world is also developing. With new emerging economies consumption levels are increasing. Therefore, the tight situation on agricultural markets and agricultural commodities is a trend that is on the increase. It is aggravated by price volatility, and price volatility is a consequence of the financialisation of the global economy.

This is what we should be addressing if we want to resolve the agricultural issue and the food issue. To do this – what the Commissioner said is important – there are two elements: yes, there needs to be transparency on stocks, but we also need a public policy on stocks in Europe and stock management at a global level, especially at the level of the United Nations.

Secondly, regulation of the financial markets and market speculation is essential, in particular by ensuring that there is no longer any connection between the speculative volume and the physical quantities exchanged on the markets. As regards food, it is unacceptable that speculators speculate without taking account of the consequences this may have for world food and humanity.

This leads me to draw two major conclusions. Firstly, we need a strong European policy and to strategically reassert Europe’s commitment to being a global player in the food and agricultural sectors. Secondly, we need to change our development policy to ensure that globally – and Europe is a global player – we once again invest in agriculture, because we need agriculture to feed the world.

(Applause)