The European Union plans to offer ¤1 billion (US$1.6 billion) to develop farming in poorer countries hard-hit by food shortages and soaring prices, the European Commission President said Monday. Jose Manuel Barroso spoke as the Group of Eight summit of world economic powers opened in Japan. On global warming, Barroso pressed G-8 leaders for a mandatory 50 percent cut in emissions by 2050. «Those who were previously reluctant to commit to action have run out of excuses, » Barroso said. Barroso represents the 27-nation EU at summits of the G-8, whose members are France, Britain, Italy, Germany the United States, Canada, Japan and Russia. The commission president said the EU planned to spend ¤1 billion (US$1.6 billion) from 2008 to 2009 on projects like buying «fertilizers and seeds, for instance, to help poor farmers in developing countries.» It could also be used for food assistance and safety net measures, he said. The proposal must still be approved by the EU parliament and EU Council of Ministers, Barroso's office was quoted as saying by the Associated Press.
