Brussels, 08/07/2008 (Agence Europe) - Following on from their energy ministers a month ago (EUROPE 9678), G8 leaders (Germany, Canada, US, France, Italy, Japan, Russia and the United Kingdom) meeting on 8 July in Toyako, said that, “on the supply side, production and refining capacities should be increased in the short term”. In a joint statement they affirmed that, “we have strong concerns about the sharp rise in oil prices, which poses risks to the global economy”. They also called for “concerted efforts” to determine the underlying causes and said that they were concerned by increasing inflationary pressures in the world economy due to soaring prices in raw materials, oil and foodstuffs which, “pose a serious challenge to stable growth worldwide and have serious implications for the most vulnerable”. G8 leaders indirectly appealed to China to revalue its currency, the Yuan, and called for “certain emerging economies with significant surpluses and growth to adjust their exchange rates”. They also acknowledged that they ought to help towards calming oil price volatility by making further efforts to improve energy efficiency through energy diversification and reduced dependency on hydrocarbons. (A.B./trans.r.h)