France pushes EU to rein in commodities trading

Paris is leading the charge among European governments to press European Union and Group of 20 countries to tighten rules on commodities speculation. The message, delivered in a letter from France Finance Minister Christine Lagarde to the European Commission, comes amid a summer of soaring grain prices.

The letter echoes public statements of France President Nicolas Sarkozy, who has made financial regulation a cornerstone of his administration's agenda.

Appearances are that France's calls are falling on sympathetic ears. According to reports, the European Union commissioner responsible for crafting regulations that would tighten regulations on commodities trading has said he supports the spirit of the letter.

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