Grain prices might triple unless Europe takes united actions – FM - Matrixliveng
Grain prices might triple unless Europe takes united actions – FM

Grain prices might triple unless Europe takes united actions – FM

 The Bulgaria Finance Minister, Assen Vassilev on Tuesday said unless Europe took united actions, the price of grain would double and triple in the winter.

Vassilev said this during the opening of Sofia Economic Forum III (formerly known as Plovdiv Economic Forum).

He said that at present Russia was not exporting grain and Ukraine could not export grain due to its ports being blocked by Russia and land transport having limited capacity.

Most grain quantities had been bought out by China because it had offered the highest price, Vassilev said.

He said the countries that needed grain the most such as North African states, would get very small quantities or no grain at all.

“This, in turn, means that a huge migrant wave can be expected from these countries toward Europe.

“If Europe did not activate the market mechanisms to support poor countries in obtaining grain, a large-scale increase in food prices in Europe can be expected,’’ the minister said.

He said that Europe taking united actions meant activating Article 15 so that all exports outside of Europe could be controlled “and go to those most in need of grains, rather than to those offering the highest price.

“This is the way to avoid the humanitarian crisis and catastrophe, Vassilev argued.

According to him, other problems will emerge in the near future.

“These will be related to a shortage in building materials as well as rare metals, that is why joint actions should be taken.

“In the mid-term, connectivity must be improved between Greece, Bulgaria, Romania, and Poland to build the necessary gas pipelines, roads and railway lines to transport goods.’’

Vassilev forecast that the Black Sea would be unusable as a transport route at least in the near future, saying that would be highly risky.

He called for speedier decision-making at the EU level because action should be taken more quickly. 


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