Bernard Durkan (Kildare North, Fine Gael)
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Question 217: To ask the Minister for Foreign Affairs if he intends in the context of discussion with his colleagues at EU or UN level any proposals to discourage market speculators in commodities; and if he will make a statement on the matter. [42314/09]

Micheál Martin (Cork South Central, Fianna Fail)
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Commodity prices clearly impact on all of us, not least in the energy area, where market speculation is considered to be one of the factors which contributed to the volatile prices that we saw in 2008. Volatility in wholesale energy prices has been a cause for considerable concern for the EU Commission and the International Energy Agency (IEA). As a member of the IEA, Ireland has access to a considerable body of ongoing research on international energy matters. At EU level, we are working with our EU colleagues on strategies to enhance security of supply, sustainability and competitiveness. These include acceleration of renewable energy and energy efficiency measures, ongoing investment in energy infrastructure and enhanced dialogue with oil and gas producing countries.

Food prices are also of crucial import. The EU Commission has over the past 2 years carried out a number of reviews and launched several initiatives regarding food prices, anti-competitiveness practices and better functioning of the food supply chain. In June 2008 a High Level Group (HLG) on Competitiveness within the Agro-Food chain was established led by Commissioners Verheugen (Enterprise and Industry), Fisher Boel (Agriculture), Kuneva (Consumer Protection) and Vassiliou (Health), 8 Ministers, industry, professional organisations and UK MEP Neil Parish. In July 2009, the HLG adopted a roadmap which comprised a total of 30 recommendations across the topics which it had considered, including the food supply chain.

In October, the Commission launched a Communication that aims to improve the functioning of the food supply chain in Europe. This Communication, which takes on board the report of the above-mentioned HLG, will be discussed at High Level Expert Groups in the relevant sectors with a view to taking concrete policy actions at Member State and EU level to improve the functioning of the food supply chain in Europe. The Commission will report on the advancement of these proposals by the end of 2010. Ireland is currently participating in these discussions at the meetings of the High Level Experts on Milk.