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Sat 09 Sep 2005Europe 'resilient' to energy costsEurope's economy will not suffer from oil price increases to the same extent as in the 1970s and 1980s, according to the EU commissioner for economic and monetary affairs, Joaquin Almunia.Mr Almunia was speaking at an informal meeting of finance ministers from the euro zone in Manchester yesterday. Mr Almunia pointed to the rising demand from China and India as well as the lack of knock-on wage demands as two important factors contrasting current oil price increases with those of previous decades.