Davos Annual Meeting 2010 - Highlights
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http://www.youtube.com/watch?v=d5a5nzGVZgA
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http://www.weforum.org 31.01.2010 Highlights from the Annual Meeting of the World Economic Forum 2010, held in Davos-Klosters, Switzerland.
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Timing Category Subcategory Tag
00:00:23 Places Location Front
00:01:07 Places Location Direction
00:05:22 Places Country Haiti
00:06:02 Places Location Cancun
Subtitles in: English
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00:00:23 00:00:31 It’s the 40th time that I stand in front of you to welcome you cordially
00:00:32 00:00:36 to the annual meeting of the World Economic Forum.
00:00:44 00:00:46 One thing that has been more impactful for me this year
00:00:46 00:00:51 than any other year is the actions in Davos particularly around redesign,
00:00:51 00:00:54 rethink, rebuild, the agreement to take some actions.
00:00:54 00:00:56 So I think that’s an important step forward.
00:00:57 00:00:59 What I like about the forum is the interdisciplinary approach
00:01:00 00:01:03 between politics, science, culture, and business.
00:01:03 00:01:07 This is my 22nd year I am participating in this forum
00:01:07 00:01:10 and I think it evolves in the right direction.
00:01:19 00:01:22 We are facing the highest level of unemployment ever recorded,
00:01:22 00:01:26 youth unemployment three times higher than adult unemployment,
00:01:26 00:01:30 and we’re also facing a jobless recovery. This is the issue of today,
00:01:30 00:01:32 the social issue and the political issue.
00:01:32 00:01:37 We need a different set of arrangements. We must step out of the positions
00:01:37 00:01:41 we occupy to rethink the institutions that will hold us together.
00:01:42 00:01:45 We must commit ourselves differently to the outcomes
00:01:46 00:01:50 because in so many big decisions
00:01:50 00:01:53 it hasn’t been possible to bind countries.
00:01:53 00:01:56 I think last year’s session was really a little bit shell-shocked
00:01:57 00:01:59 in the wake of the global crisis and I am delighted to see
00:01:59 00:02:04 that as always we have regrouped and rethought our priorities
00:02:05 00:02:06 and our missions and I think the subjects
00:02:07 00:02:10 of this year’s forum are very relevant indeed.
00:02:11 00:02:16 The prosperity of the post-war era owed a great deal to Bretton Woods,
00:02:16 00:02:21 to its rules and its institutions. That is exactly what we need today.
00:02:21 00:02:23 We need a new Bretton Woods.
00:02:23 00:02:28 If inadequate regulation is not addressed, I believe
00:02:28 00:02:33 the consequences could actually be worse than before the crisis.
00:02:56 00:02:59 Especially when facing the financial crisis we need to rethink
00:02:59 00:03:03 whether the decisions we have made are correct
00:03:03 00:03:06 amd whether the actions we have taken
00:03:07 00:03:10 can help us to recover from the crisis.
00:03:11 00:03:12 I think the themes of the World Economic Forum
00:03:13 00:03:17 this year couldn’t be more relevant. And the reason is that I’m sure
00:03:17 00:03:19 we're going to face one more recession again,
00:03:19 00:03:21 and if we walk away from this recession
00:03:21 00:03:24 not learning the lessons of this recession
00:03:24 00:03:28 and not rethinking, rebuilding, and redesigning our organization,
00:03:29 00:03:32 our society, our culture, we will make a big mistake.
00:03:32 00:03:36 After all this is a global village somehow. Whatever happens in the U.S.
00:03:36 00:03:40 or in Europe, anywhere, at least psychologically affects us.
00:03:40 00:03:44 But we didn’t have any problem. I mean, you go throughout
00:03:44 00:03:49 all the emerging markets, we didn’t have a crisis in the real sense
00:03:50 00:03:53 as we saw it in the U.S. or in Europe.
00:03:53 00:03:58 How do we combine the public opinion frustration and the necessary time
00:03:59 00:04:00 that it will take for the banking industry
00:04:00 00:04:07 to restore some of its parameters and to rehabilitate itself
00:04:07 00:04:09 with those public opinions? Big timing issue.
00:04:09 00:04:11 Don’t underestimate. The world is different,
00:04:11 00:04:15 the dynamics of power blocks is different, and the self confidence
00:04:15 00:04:19 of emerging nations is for completely different order of magnitude today.
00:04:19 00:04:23 We have to recognize that this is the first crisis in a globalized world
00:04:24 00:04:27 and this will require new answers. It has not only to do
00:04:28 00:04:30 with the financial sector itself. It has to do with some
00:04:31 00:04:33 of the global imbalances and we have to work
00:04:33 00:04:37 on finding solutions to that. And this will create
00:04:37 00:04:39 a lot of uncertainties and a lot of tradeoffs.
00:04:39 00:04:44 We’ve got to move away from merely a focus on shareholders
00:04:45 00:04:49 and talk about multiple stakeholders because multiple stakeholders
00:04:49 00:04:53 is not just Utopian notion, it’s a reality.
00:05:00 00:05:02 This year one of the most fascinating things we’ve seen
00:05:02 00:05:05 is how people really galvanized to action,
00:05:05 00:05:10 the World Economic Forum, Clinton’s Foundation, Clinton himself
00:05:11 00:05:13 coming here talking to groups of all kinds,
00:05:14 00:05:16 people from both public and private sector, they’re coming together
00:05:17 00:05:19 and talking about something very concrete,
00:05:19 00:05:22 very important that is happening right now.
00:05:22 00:05:26 The pitch here was for the private sector to come and invest in Haiti.
00:05:26 00:05:30 Most would never have thought of that in a thousand years
00:05:30 00:05:34 so it’s raised the visibility of a very poor country
00:05:34 00:05:35 with a large surplus pool of labor,
00:05:36 00:05:39 very close to the largest consumer market in the world, the U.S.A.
00:05:39 00:05:41 If that stimulates some interest, all the better.
00:05:48 00:05:56 Every company should take the social responsibility for the reduction
00:05:56 00:06:01 of energy consumption and reduction of emission of carbon.
00:06:02 00:06:08 I realize how important is for the world to get a success in Cancun,
00:06:08 00:06:15 how important is to start taking actions today. For me it’s clear.
00:06:15 00:06:20 The scientific evidence is overwhelming. The effects of global warming
00:06:21 00:06:25 are already affecting ordinary people, the life of ordinary people
00:06:25 00:06:27 in developing and developed countries.
00:06:36 00:06:41 We’re announcing that we’ll spend over ten billion dollars on vaccines.
00:06:42 00:06:47 That will help invent new vaccines, that will help get some new vaccines out
00:06:47 00:06:51 and that will help increase the coverage.
00:06:51 00:06:55 It is amazing how much innovation the forum has developed
00:06:55 00:06:59 over the last, I would really say five years, and how it has transformed
00:07:00 00:07:03 bringing more content, having strong regional organizations,
00:07:04 00:07:08 and more ambitious also on what agendas we want to define.
00:07:08 00:07:13 This role is much needed in a globally more networked world
00:07:13 00:07:14 than we've ever seen.
00:07:14 00:07:17 The way I look at this year compared to maybe five years ago
00:07:17 00:07:20 the dialogue is richer. It’s more honest. It’s more transparent.
00:07:21 00:07:23 And I think as we get there, it really assures the future
00:07:23 00:07:26 of the World Economic Forum because very few places
00:07:26 00:07:29 can we have that transparent debate.
00:07:29 00:07:33 This year I think the mood is a mood of soul searching
00:07:34 00:07:37 but also looking for solutions. There are lots of sessions
00:07:37 00:07:41 where people are putting ideas on the table and certainly looking
00:07:42 00:07:46 for opportunities to share what has worked and what hasn’t worked.
00:07:47 00:07:51 I am very happy that in Davos we are talking about more core values now.
00:07:51 00:07:55 I think this means that we are sharing the problems all together.
00:07:56 00:07:58 It’s not my problem, it’s not his problem only,
00:07:58 00:08:01 it’s everybody’s problems. And when it’s everybody’s problem,
00:08:01 00:08:03 I think we can solve it.
00:08:03 00:08:09 It’s action which shows our real commitment. Thank you.
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