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[April 08, 2006]

LEAD: ASEM ministers meet, eye oil prices, global imbalance, IMF reform+

(Japan Economic Newswire Via Thomson Dialog NewsEdge)VIENNA, April 8_(Kyodo) _ (EDS: UPDATING WITH START OF MEETING)

Finance ministers from Asia and Europe began a two-day meeting here Saturday, looking into ways to reduce risks to the world economy, such as high and volatile energy prices, the global economic imbalance and a possible avian flu pandemic.

The ministers attending the Asia-Europe Meeting are also considering reforming the International Monetary Fund, reflecting growing calls to offer emerging economies -- especially those in Asia -- greater representation by reviewing the quota system the IMF uses for allotting voting power, Japanese and European officials said.

While confirming solid economic growth in both regions and the world this year, the ministers are expected to look into downside risks to the economic outlook, they said.

The risks include spiking oil prices -- which could discourage industrial output in oil-importing nations and cut into national foreign currency reserves -- and the growing imbalance in the world economy, as seen in the huge U.S. current account deficits and Asia's large trade surpluses and dollar reserves.

Oil prices have hovered around $65 a barrel in recent trading, just below last year's record high of $70.85 a barrel, and shown few signs of abating, given tensions involving Iran and Nigeria and surging demand by emerging powerhouses China and India.

The ASEM ministers are expected to discuss the oil issue based on a consensus among the Group of Eight nations that oil producers boost investment in exploration, drilling, transport and refining capacity to ensure stable supply, while boosting energy efficiency and oil data transparency.

On IMF reforms, the ministers are likely to confirm their desire to resolve the issue of underrepresentation in the quota system involving emerging economies in Asia and countries like Turkey and Mexico. But some officials suspect the ministers may not achieve tangible progress in Vienna, given complexity of the issue.

Finance Minister Sadakazu Tanigaki, who represents Japan at the ASEM gathering, has repeatedly said that if IMF quota distribution fails to reflect Asia's growing economic clout, the legitimacy of the entire system will be called into question.

Major industrialized nations and emerging economies have underscored the critical importance of achieving concrete progress on quota reform by the time of the annual gatherings of the IMF and the World Bank in Singapore in September.

Other items on the agenda at the Vienna talks include anti-money laundering steps and structural reform efforts in China and other countries, according to ASEM delegates.

Some ASEM ministers may touch on China's yuan reforms -- the speed of which Japan terms "slow" -- while calling for greater flexibility in the currency's exchange rates, they said.

ASEM groups the 25 member states of the European Union and 13 Asian countries -- Japan, China and South Korea plus the 10 members of the Association of Southeast Asian Nations -- plus the European Commission.

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