The Commission hopes it will help operators to read market signals and to cope better with market volatility.

The Observatory takes the form of a website with different sections which will provide regular and timely reporting of prices, production and trade, with some short-term analysis, complemented by an Economic Board comprising representatives from different parts of the chain that will meet a few times a year.

First announced by Commissioner Hogan at the March 2016 Agriculture Council meeting, the Meat Market Observatory follows the model of the Milk Market Observatory which was established in April 2014.

In a speech to the first meeting of the MeatMO Economic Board on Friday, Commissioner Hogan welcomed this new Observatory, stating: "It's no secret that I am a believer in markets, and their central role in creating exports, jobs and profits for our European farmers and agri-businesses. But markets only function if all the players have access to the right information at the right time."