Denis Naughten (Roscommon-South Leitrim, Fine Gael)

I wish to focus on the role of the Minister for Finance as a member of ECOFIN. The EU market and financial instruments directive is currently being discussed. There is a strong lobby for light touch regulation in this area and the Minister knows where light touch regulation has got us in this country. Is the Minister satisfied with the level of regulation in the sector? Is he aware that speculators have increased their role in trades in the food market by 500% over the past 15 years? Spectators are taking money out of the pockets of Irish farmers, leading to food shortages in developing countries, and costing Irish families an additional €300 a year in food bills. As a member of the ECOFIN, will the Minister push for position limits to be put in place as part of the review of the directive, rather than position management, which is the light touch regulation that lobbyists seek? This will lead to food security being jeopardised, not just for Irish farmers and in Europe, but throughout the world.

See this speech in context