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Sarkozy Appeals For G20 Action On Food Prices, Taxation

French President Nicolas Sarkozy (file photo)
French President Nicolas Sarkozy has called for an open discussion of monetary reform and regulation of commodity markets among the Group of 20 economic powers (G20).

Sarkozy, who presented France's goals this year as holder of the rotating presidency of the G20, said agricultural commodity prices had recently topped the peaks that sparked riots in 2008.

Sarkozy said that failure to act could lead to new food riots in the poorest countries "and a very unfavourable effect on global economic growth."

He also called again for an international financial transaction tax to help meet goals of finding $100 billion a year to fund development at a time when many countries who made those promises are deep in debt.

compiled from agency reports