MercoPress. South Atlantic News Agency

The mighty 8, high in the mountains

Huddled in a tiny village in the Canadian Rocky mountains, and with unprecedented security measures, the leaders of the world's seven most industrialized countries (G 7), plus Russia, (G 8) are holding an annual summit aimed at discussing the global economy, African aid and war on terrorism.

The uncertain strength of the United States recovery and Japan's fragile situation burdened by public debt and no growth, with their impact in the world's currency markets and global trade is an issue of major concern for the leaders of United States, Japan, Great Britain, Canada, Italy, France and Germany plus the representatives from the European Union. However the announced upturn of Europe, and strong Euro, are expected to compensate.

Financial aid to Africa, possibly 65 billion US dollars in ten years in exchange for improved governance and attacking corruption, that is to be discussed with United Nations Secretary General Kofi Annan and four African presidents, will also attract great importance.

War on terrorism, the Middle East situation, will prove more contentious. All leaders agree on the objective, however the methodology and opportunity is open to discussion and the creation of a Palestine state is a split issue. Overall European leaders do not concur with US President George Bush's strong stand demanding a renewal of Palestinian authorities.

And last but not least is the presence of Vladimir Putin, Russia's president who now has the full support of the United States and the European Union for his country to become a full member of the World Trade Organization.

Mr. Putin arrived in Kananaskis, Alberta, with two important assets, a recent strategic misiles agreement with the United States, and a booming oil industry that anticipates Russia will recover its leading standing in the world energy market, not a very encouraging signal for OPEC members.

Contrary to other summits embroiled in street protests, bloody riots and terrible public image, Kananaskis is 100 kilometers away from Calgary the closest town, and with no possible means of access for intruders including the press.