 It's the 40th time that I stand in front of you to welcome you cordially to the annual meeting of the World Economic Forum. The thing that has been more impactful for me this year than any other year is the actions in Davos, particularly around redesign, rethink, rebuild, agreement to take some action. So I think that's an important step forward. What I like about the forum is the interdisciplinary approach between politics, science, culture and business. This is my 22nd year I'm participating in this forum and I think it evolves in the right direction. We are facing the highest level of unemployment ever recorded. Youth unemployment three times higher than adult unemployment and we're also facing a jobless recovery. This is the issue of today, the social issue and the political issue. We need a different set of arrangements. We must step out of the positions we occupy to rethink the institutions that will hold us together. We must commit ourselves differently to the outcomes because in so many big decisions it hasn't been possible to bind countries. I think last year's session was really a little bit shell-shocked in the wake of the global crisis and I am delighted to see that as always we have regrouped and rethought our priorities and our missions and I think the subjects of this year's forum are very relevant indeed. If inadequate regulation is not addressed, I believe the consequences could actually be worse than before the crisis. I think the themes at the World Economic Forum this year could be more relevant and the reason is that I'm sure we're going to face one more recession again. And if we walk away from this recession not learning the lessons of this recession and not rethinking, rebuilding and redesigning our organization, our society, our culture, we will make a big mistake. After all, this is a global village somehow. Whatever happens in the US or in Europe in a way at least psychologically affects us. But we didn't have any problem. I mean you go throughout all the emerging markets. We didn't have a crisis in the real sense as we saw it in the US or in Europe. How do we combine the public opinion frustration and the necessary time that it will take for the banking industry to restore some of its parameters and to rehabilitate itself with those public opinions? Big timing issue. Don't underestimate the world is different, the dynamics of power blocks is different and the self-confidence of emerging nations is for completely different order of magnitude today. We have to recognize that this is the first crisis in a globalized world and this will require new answers. It has not only to do with the financial sector itself, it has to do with some of the global imbalances and we have to work on finding solutions to that. And this will create a lot of uncertainties and a lot of trade-offs. We've got to move away from merely a focus on shareholders and talk about multiple stakeholders because multiple stakeholders is not just a utopian notion, it's reality. This year one of the most fascinating things we've seen is how people really galvanize to action. The World Economic Forum, Clinton's Foundation, Clinton himself coming here, talking to groups of all kinds, people from both public and private sectors coming together and talking about something very concrete, very important that is happening right now. The pitch here was for the private sector to come and invest in Haiti. Most would never have thought of it in a thousand years. So it's raised the visibility of a very poor country with a large surplus pool of labor very close to the largest consumer market in the world, the USA. If that stimulates some interest, all the better. Every company should take the social responsibility for the reduction of energy consumption and reduction of emission of carbon. I realize how important it is for the world to get a success in Cancun, how important it is to start taking actions today. For me it's clear the scientific evidence is overwhelming. The effects of global warming are already affecting ordinary people, the life of ordinary people in developing and developed countries. We're announcing that we'll spend over $10 billion on vaccines that will help invent new vaccines, that will help get some new vaccines out, that will help increase the coverage. It is amazing how much innovation the Forum has developed over the last, I would really say five years, and how it has transformed bringing more content, having strong regional organizations, more ambitious also on what agendas we want to define. This role is much needed in a globally more networked world than we've ever seen. When I look at this year compared to maybe five years ago, the dialogue is richer, it's more honest, it's more transparent, and I think as we get there it really assures the future of the World Economic Forum because very few places can we have that transparent debate. This year I think the mood is a mood of soul searching, but also looking for solutions. There are lots of sessions where people are putting ideas on the table and certainly looking for opportunities to share what has worked, what hasn't worked. I'm very happy that in Davos we are talking about more core values now. I think this means that we are sharing the problems altogether. It's not my problem, it's not his problem only, it's everybody's problem. When it's everybody's problem, I think we can solve it.