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Davos begins with Sarkozy call for global reform
Published in Saudi Press Agency on 27 - 01 - 2010


The World Economic Forum began
Wednesday evening, with French President Nicolas Sarkozy lashing out
against greedy capitalism, pushing for a more moderate version of the
market economy and issuing a call for a revamping of the global
monetary system, dpa reported.
"Today, we need a new Bretton Woods," said Sarkozy, referring to
the international financial institutions established in the wake of
World War II.
France, the president said, would encourage such reforms when
taking the helm of the G8 and G20 forums of rich nations and emerging
economies in 2011.
His speech against the excesses of the boom era and the systemic
risks taken by financiers, was expected at this year's forum, running
under the slogan "Rethink, Redesign, Rebuild."
"This means concretely rethinking our values, redesigning our
systems and rebuilding our institutions," WEF founder Klaus Schwab
said before introducing his visitor from Paris.
Addressing some 2,500 participants, Sarkozy said there was a need
for further regulation of the financial sector, in part to end
dangerous speculation, adding that he was in agreement with the
recent calls for reform from US President Barack Obama.
But France's head of state warned that the changes should not hurt
the competitiveness of one country at the expense of another.
"How can we conceive that in a competitive world, we can insist
that European banks have four times more capital to cover the risks
of their market activities, without demanding the same of American or
Asian banks," Sarkozy told an elite crowd of business and political
leaders that erupted from time to time in applause.
A global system of rules was needed for markets and financial
institutions, he said, while also supporting an international rules-
based system for labour, the environment and health issues.
Jaime Caruana from the Bank of International Settlements - the
central bank of central banks - had earlier said that while a global
framework was needed for economic and capital flows, each country
would likely have to design its own rules.
Nations with trade surpluses should boost consumption and a single
currency could not dominate the globe, Sarkozy said in his opening
address, calling for a balanced world to prevent future crises.
The annual meet high up in the Swiss Alps, was taking place amid
concerns economic recovery in some developed countries was still
shaky and unemployment in the richest nations was creeping up, even
if gross domestic product results show positive signs.
Debates in preliminary sessions focused on how much regulation of
the banking sector was needed and how the developing world should
learn from the mistakes of the rich countries, while trying to avoid
a deeper economic crisis.
"There is a risk of a double-dip recession. Emerging market
economies will do better than advanced economies," said Nouriel
Roubini, an economist considered one of the few to have predicted the
crisis.
China's emergence as an economic superpower was also being talked
about, along with the ramifications for the economies it will
surpass, and the United States, expected to remain number one for
some years to come.
In general, the growing importance of the emerging economies was
firmly on the WEF's agenda.
A recent index released by Standard and Poor's rating agency
showed that Brazil, Russia China and India have risen from 1.4 per
cent to 15 per cent of world market value over the last decade.
Also on the agenda was a heated debate scheduled Thursday on the
eurozones, to be attended by European leaders and Jean Claude
Trichet, the head of the European bank in Frankfurt.
In the background, the earthquake devastation in Haiti was
featured, with a plan by former US president Bill Clinton for a new
economic initiative for the Caribbean country.


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