Finance ministers from Asia and Europe were urged on Saturday to look into ways to deal with globalization challenges at their two-day meeting here.

"While ASEM countries are geographically far apart, their problems are similar and their solutions can benefit from discussions, from learning from each other, and from cooperation," Austrian Chancellor Wolfgang Schussel said at his opening speech.

Schussel, whose country holds the rotating European Union (EU) presidency, admitted that globalization has challenged European countries' ability to compete.

"In Europe growth has been slow in recent years and unemployment remains stubbornly high," said Schussel, "But Europe is providing solutions to the challenges we face."

"The renewed Lisbon strategy describes the path to a modern Europe which delivers economic prosperity and social justice. European values underpin modernization in our economies and give us the confidence to reap the benefits of globalization," he added.

Finance ministers are also discussing 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.

Oil prices have hovered around 65 U.S. dollars a barrel in recent trading, just below last year's record high of 70.85 dollars a barrel, and shown few signs of abating.

Other items on the agenda at the Vienna talks include anti- money laundering steps and structural reform efforts in some Asian countries.

ASEM (the Asia-Europe meeting) groups the 25 member states of the EU and 13 Asian countries -- Japan, China and South Korea plus the 10 members of the Association of Southeast Asian Nations -- plus the European Commission.

Source: Xinhua