G8 ministers continue talks on oil, commodity prices

June 14th, 2008 - 11:08 am ICT by IANS  

Osaka (Japan), June 14 (DPA) Finance ministers of the world’s seven richest states and Russia Saturday continued their meeting in Japan, as inflation woes threatened to sideline climate change, development topics. The members of the Group of Eight (G8) said they would focus their talks on means to tackle rising energy and commodity prices, with increasing transparency in the oil market as one promising approach.

Differing priorities of the individual G8 members as well as developing countries however diminish the likelihood of strong concerted action on oil and commodity prices.

While some delegates indicated that they did not expected the weakness of the US dollar to dominate the talks, the issue was likely to be raised on the sidelines of the meeting.

It remained unclear whether it would find entry into the ministers final communique.

In bilateral meetings on Friday, exchange rates where however touched upon, Japanese Finance Minister Fukushiro Nukaga said.

French Finance Minister Christine Lagarde launched an attack on central banks, saying that they should focus not only on battling inflation but heed the dangers of an economic slowdown triggered by interest-rate hikes.

G8 members Japan, Britain and the United States urged other nations to sign on to new multilateral climate change funds aimed at supporting developing countries to make the transition to cleaner technologies and help the mitigation and adaptation to the effects of global warming.

The meeting is expected to conclude Saturday afternoon.

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