Merkel wants rules for raw material derivative trade
BERLIN (Reuters) - German Chancellor Angela Merkel called for greater transparency in raw materials derivatives trading that is not carried out on exchanges and said the European Union was leading the way with new regulations that take effect in November.
"Derivatives trading must be regulated to dampen price volatility and not support it," Merkel said at a raw materials conference on Wednesday.
She also said the Group of Twenty leading world economies would discuss price developments in the raw materials sector at their next meeting.
"It must be prevented that a country like Germany with a large output can no longer realize its research possibilities, innovation, creativity and even precision, because there is a lack of access to raw materials," said Merkel, adding that the chemistry, machinery and car-making industries were affected.
"If you don't have the necessary access to raw materials, you also have no chance of developing the products."
Merkel said the provision of raw materials was essential for prosperity in Germany, so the government had decided "to march politically, with our economy" to secure it.
(Reporting by Andreas Rinke, Writing by Madeline Chambers and Sarah Marsh; Editing by Tim Pearce)