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Finance chiefs from Asia, Europe debate global turbulence

AFP, Jeju Island
Finance chiefs from 43 Asian and European countries began talks Sunday on ways to tackle the recent global financial turmoil and soaring oil and commodity prices.
Finance ministers or their deputies from 27 EU countries and 16 Asian nations, plus officials from six international organisations, were attending the meeting on the South Korean resort island of Jeju.
The Asia-Europe Meeting (ASEM) has been the main channel for economic and financial cooperation between the two continents since its inception in 1997.
In addition to current world economic challenges, the three main agenda topics will be regional economic integration and how Asia can learn from Europe's experience; marketbased approaches to climate change; and cooperation on infrastructure finance and microfinance.
G8 finance chiefs send message to oil speculators: analysts
OSAKA, June 15,2008 (AFP) -Group of Eight finance chiefs sent a warning signal to oil speculators this weekend, highlighting the inflation threat to the global economy in an attempt to cool red-hot energy prices, analysts said.
Although the finance ministers said it was unclear how much influence speculators wield over energy markets,
their remarks appeared to be aimed at curbing hot-money flows into commodities, they added.
The G8 — Britain, Canada, France, Germany, Italy, Japan, Russia and the United States — called for an investigation involving the International Monetary Fund into the recent wild swings in energy prices.
"It is significant that G8 members put the spotlight on their shared fears over inflation. It is a message to speculators to try to control market conditions," said Ryohei Muramatsu, head of Group Treasury Asia at Commerzbank.
Their united front is something "that speculators will find hard to go against," he added.
World oil prices have been on a rollercoaster ride recently, soaring close to 140 dollars a barrel on worries about tight supplies, with some blaming market speculators for aggravating the erratic movements.
High oil and food prices pose "a serious challenge to stable growth worldwide," the G8 ministers said in a joint statement on Saturday.
"Elevated commodity prices, especially of oil and food, pose a serious challenge to stable growth worldwide, have serious implications for the most vulnerable, and may increase global inflationary pressure," they added.
Oil prices have surged fivefold since 2003 due to a variety of factors, including turbulence in the Middle East and rising demand in emerging economies such as China and India.
Several of the G8 ministers warned against heaping all of the blame for the latest oil shock on speculators, saying that it would deflect attention from the real problem -- a shortage of energy supply.
US Treasury’ Secretary Henry
Paulson said "all the evidence pointed to supply and demand" as the main cause for the surge in oil prices.
"I think there's a danger that if people say 'all this is speculators' then we won't do what we need to do. We don't want to misdiagnose the problem," he told a press conference, echoing views from other ministers.
But Italy's Economy
Minister Giulio Tremonti argued that surging oil prices were essentially due to speculation and said the G8 should deter such activity by forcing investors to pay higher deposits to play the commodity markets.
Even if the G8 does not take action they may have managed to take some of the speculative froth out of energy markets, analysts said.