As recently as June, the UN’s Food and Agriculture Organisation (FAO) was predicting an improved outlook for world cereal production in 2012, based on expectations of a much bigger maize crop in the United States. Furthermore, mild weather had led to early plantings of maize in the US which is now making the crop even more vulnerable to drought damage.
*  *  *  Ladies and gentlemen, The Vice-President and I are here today to report on the outcome of today’s meetings of the Governing Council of the ECB, which was attended by the European Commissioner, Mr Solbes Mira. The outcome of today’s discussion was that the Governing Council has decided to leave the prevailing ECB interest rates unchanged.