The Mercury

France floats food price plan


The world could battle soaring food prices with an age-old idea of emergency reserves combined with modern financial tools such as hedging, French Agricultur­e Minister Bruno le Maire said on Friday. The minister said he would draw on the expertise of UN famine fighters and the World Bank in proposing global action to control sky-rocketing food prices. “I will say we are not far from having a consensus,” Le Maire told reporters in a briefing. Agricultur­e ministers from the Group of 20 leading nations will consider France’s fivepoint plan on June 23 in Paris. Past proposals for a global food reserve have failed because the US and some European nations have argued that they would keep farm prices artificial­ly low and could discourage production. – Reuters


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