European politicians look to obscure article to curb speculators

telegraph.co.uk     04-Jul-2008            

By Ambrose Evans-Pritchard European Union politicians are mulling using an obscure treaty article to curb financial speculation, in an attempt to force down oil and food prices and counter the influence of hedge funds. After scouring through the EU's legal base, a team led by the Italian government has fixed on Article 81. It covers "anti-competitive agreements" affecting trade between EU states or dealings between companies in the same state, if there are repercussions for the rest of the EU. Giulio Tremonti, Italy's finance minister, has called for a united European front to tackle alleged abuses, describing speculators as the "plague of the 21st Century", according to Italy's financial newspaper Il Sole. He has the backing of French president Nicolas Sarkozy, who has just taken over the rotating EU leadership and has the... [read full story]                    

FULL COVERAGE
1 2 3 4 5 next »