The Current State of Affairs: Low Interest Rates and Food Insecurity

The European Central Bank (ECB) made a “historic” decision this week to cut interest rates by 25 basis points, aiming to bring relief to households and businesses struggling with high bank payments due to the inflationary crisis triggered by Russia’s invasion of Ukraine in 2022. ECB President Christine Lagarde emphasized the importance of ensuring that inflation returns to the 2% medium-term target.

Meanwhile, farmers in Brussels protested against recent changes to the Common Agricultural Policy (CAP), calling themselves “warrior farmers” and expressing dissatisfaction with the reforms. The protest, organized by agricultural organizations close to the far right, highlighted the need to produce quality food at fair prices and reduce food waste, which accounts for 20% of consumer purchases.

To address the issue of food waste, the European Commission hosted the European Forum on Consumer Food Waste, bringing together researchers and professionals like Christophe Diercxsens from Too Good To Go. Diercxsens emphasized the importance of introducing legally binding targets for reducing food waste in the EU and promoting educational campaigns to instill a new respect for food and encourage sustainable practices like cooking with surplus ingredients.

The discussions at the forum underscored the environmental impact of food waste in terms of land and water use, as well as its contribution to polluting gas emissions that affect the climate. As the EU institutions negotiate proposals to tackle food waste, the focus remains on finding practical solutions to minimize waste and promote sustainable consumption habits among consumers.