Translation of "Offre excédentaire au niveau mondial " (French → English) :

the continuing impact of the Russian ban, not only for those Member States exposed to that market, but for all Member States; weakening demand in a number of key markets, notably China, and others where purchasing power has been hit, for example, by falling oil prices; a global oversupply of milk, with increased production recorded in all the major producing regions (Europe, the US, New Zealand and Australia); very hot and dry conditions in certain Member States, affecting crops such as maize and other fodder; and ongoing problems with African Swine Fever in parts of the EU.

The Chair: In response to Senator Ringuette's observations, you talked in your brief about the emergence of excess supply in our economy to keep inflation below 2 per cent. From where is that excess supply coming?

Broadly, the fall of real car prices across the EU confirms once more the favourable long-term price trend for consumers, which arises from global production overcapacity and intense competition between car manufacturers.

He also added : “We should now concentrate our efforts in the OECD steel talks to cut down trade distorting subsidies and global excess steel capacity, which is at the root of the problems by the US steel industry”.

By lifting the steel safeguards and thus eliminating the biggest distorting of world steel trade, the US would certainly send a strong message to the other 40 members of the OECD steel talks, to further demonstrate strong commitment to reach an international Steel Subsidies Agreement (SSA) aimed at reducing trade-distorting steel subsidies, the main responsible for global excess steel capacity.

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