France urges tougher agriculture regulation

(BRUSSELS) - France called on Friday for regulation in the agricultural industry to be as tough as in the financial sector in order guarantee a minimum income for farmers.

"Agriculture is too strategic to be left to market forces," incoming French Agriculture Minister Bruno Le Maire told journalists after his first meeting with European Commission chief Jose Manuel Barroso.

"We saw in the financial sector what happens when we leave market forces to themselves," he added. "We need as much regulation in agriculture as in the financial sector."

He said that supporting regulatory mechanisms, which he declined to detail, should allow for a "stable and decent income" for farmers, judging that current volatility was not "viable."

According to recently published data, French farmers saw their incomes fall 20 percent last year even though France is the biggest recipient of EU agriculture subsidies.

Nevertheless, Le Maire distinguished himself from his predecessor Michel Barnier by indicating that he would not fight at whatever cost to keep milk production quotas, which are supposed to be phased out over the coming years.

"On quotas, I'm pragmatic," he said.