 One thing I think is very important to make the point at the start of this, there are a whole host of issues which I know some of our guests have highlighted for years that are now being framed in a COVID context but actually transcend our emergence from the COVID crisis as well. Let me just say to everybody that our panel today includes Paolo Gentiloni, who is the Commission for the Economy, Commission for the Economy at the European Commission, Angiel Guria, a man I've had the privilege to speak to for many years. In fact, we first started talking about the last financial crisis during the GFC. He is the Secretary General of the OECD and of course a member of the Board of Trustees of the World Economic Forum. Saadia Zahidi is the Managing Director of the World Economic Forum. Alan Jope is the CEO of Unilever and an old friend of mine, Jonas, pleasing the chairman and CEO of Manpower Group USA as well. So a whole host of issues we need to discuss and perhaps frame, first of all, what the problems are and how we believe we can move forward. There is no preeminence in terms of who we're gonna speak to first, but in our conversation before we started this panel, it was decided that Commissioner Gentiloni would start off the conversation. And Commissioner, you and I spoke very recently about the challenges facing Europe, facing the globe and how to use what is a devastating societal, political, economic crisis that is the COVID-19 pandemic and use it as an accelerant as a way of saying we need to move quicker on our SDGs. We need to move quicker on digitization on a European Green Deal and perhaps global coordinated action. Where are we at in terms of where you see the recovery, not just framed in a European way, but in a global way? Well, thank you very much. Indeed, I think definitely this is the key issue. We should be able to use this opportunity to transform our economies, to make the crisis a driver for transformation. Of course, it's very difficult to stress this point now because the degree of uncertainty is still very high and even growing, at least in Europe. We had a recovery underway since May, but losing momentum in September, October and the new measures that are going on in several European countries are increasing this level of uncertainty. But despite this, we had, I think, a strong response from the European Union, unprecedented. And the issue is, will we be able to use this common response to transform our economies and not only to a back to normal? And transformation for us is around three keywords. One is sustainability. And I think that the European Union could indeed play a role, a leadership, a leading role in this field. Second is competitiveness from a digital point of view. And third is what we call resilience, inclusiveness address the fragility of jobs, support, employment, et cetera, et cetera, et cetera. All difficult challenges because, of course, we could say that the rate of unemployment in Europe is not so high despite the crisis, but we know that beyond the unemployment rate, we have a fragilization. We have an increase of gender gap in the job market and we have a drop in ours work. So the commitment to strengthen jobs and employment, it's very important and it's one of our main priorities. I'm happy that today is the very day when we are not launching but beginning to practice this program that we call SURE that is supporting short time work teams. But all in all, this I think is the real challenge in a still difficult situation because we are not out of the woods. We should insist that the sustainability, competitiveness and resilience are an opportunity to use for good the crisis we are in. Steve. Mr. Gentiloni, thank you very much indeed for that. Let me move on straight away from Brussels to Paris and a man who I've been speaking to about these global challenges at various G7, G8, G20 meetings and beyond for well over a decade and Angel Guria, I know your passion, sir and I know your desire for a great reset and for global deals as well. What gives you hope that now you can achieve some of those aspirations as opposed to prior times when many of the aims that you've had and that the OECD has had have been thwarted by protectionism, by individual interests, et cetera, et cetera. Well, the problem is that we were in pretty bad shape before COVID because we had the trade tensions. The trade tensions led to a drop in confidence. The drop in confidence led to a drop in investment and the drop in investment led to a drop in growth. So we weren't doing brilliantly and then COVID struck. And what COVID did was to make very evident all the problems that we had in our structure in the way in which we are producing and the way in which we are training, the way we are leaving many people behind. So now the question is, let's analyze what is it that we were doing wrong before the COVID and what, therefore, we can fix going forward. And of course, first, the problem that you have something like the COVID means you have to throw everything you got at the COVID itself in order to beat the virus because the longer the virus lasts then the greater, the more onerous the consequences. And that means the economic consequences, the deficit consequences, the debt consequences, the employment or unemployment consequences, the skills challenges that you will find. So try to stop it as soon as possible. We haven't done a great job either at that. In fact, last, we just put out our growth prospects four and a half percent contraction for the world. Of course, in Europe, it goes into the eights and the nine percent and the 10 percent. China being the only country that will grow among the G20 because they had their problem last year and very early this year. So they're catching up. So basically you have stop the virus, second, address the human, the more immediate consequences because the virus is causing damage by day, by the moment, by the minute. The moment it hits a particular sector like tourism or the SMEs, they stop functioning immediately. So the next day they become victims and they have to file for benefits, Kurtz-Arbeit or Schommach-Fachsial or whatever the furloughs or whatever the maintenance of jobs, mechanisms that we have in a number of countries in the world. And then of course, the question of building back better, more resilient. Now the words resilient, the words sustainable, the words inclusive have become almost a cliche. But yes, absolutely, they are relevant. They are fundamental because you don't wanna go back to the status quo that you had before simply because it was the status quo that got us here, that made us be unprepared that did not invest enough in vaccines that did not invest enough in health. So basically a series of steps in which we are now in the beginning. You know, it was Paulo said, well, we're not out of the woods yet. No, we're not out of the woods yet. We're actually just starting to walk into the woods, I'm afraid, because the economic consequences and the social consequences will last a lot longer than the virus itself. And Gail, thank you very much indeed for that. So from Paris to Geneva, Sadeh Zahidi. Like many of the participants, I've spent a lot of time in Davos over the years and I'm overwhelmed by the agenda you put on and I'm suddenly impressed by it. But the wealth of the huge number of individual issues, does that mean that the cause from the likes of the OECD for a great reset for a global deal? Does that mean though, that if we're looking at too much of the bigger picture, we're going to miss a lot of the individual issues that need addressing. I don't see how it can all be done in one all-encompassing great reset. Does the WEF organization have a greater role in moving beyond the forum to actually pressing individual issues? Steve, I'm glad you asked that question. That's very much the spirit of what we're trying to do with the Jobs Reset Summit. Today is the first day of four days of discussion, building a new vision and accelerating action. Today our focus is economic growth, recovery and transformation. Tomorrow we deep dive into jobs. The day after we deep dive into education and skills. And finally on day four, we focus on equity and social justice. I'll try to extract from today's conversations what were for me three big takeaways of the type of work we need to do moving forward and for which the forum is a very willing platform. The first element is if we want to change where the focus of our recovery will go, if we don't just want to go back to GDP targets, then we need a new dashboard for the new economy and that needs to encompass people, planet, prosperity and institutions. So we're going to be working with a number of international organizations as well as governments to take that forward. The second element is a re-endorsement of everything that we were talking about, Steve, back in Davos, which was around stakeholder capitalism and ESG metrics. A huge call in almost every single session that I listened to that this is the moment for businesses to actually demonstrate the implementation of stakeholder capitalism and to ensure in particular that on that S component on work, workers and the workplace, we actually have the right kind of focus and preserve as many jobs as possible and ensure that workers has the possibility to move into their next job. And then the third element that I heard that I think is very concrete and we need to be moving forward on is, how do we today invest in the markets of tomorrow? And we released today a piece of work that has been done with multiple stakeholders, including some that are on the panel with us today, which is on identifying 20 markets of tomorrow, everything from ed tech to space technology to broad spectrum antivirals and how we make those kinds of investments today because that's how we get a job full recovery. I think that's a fantastic point to bring in, Sadiq, Alan Joep and Jonas Preising as well. Alan, if I can start off with you. Look, there I was in Laborge in 2015 and I was very impressed by what Paul Polman was trying to do. And I've been very impressed since but what you've tried to do beyond that and to move beyond COVID and look at climate issues, look at ESG issues, look at how it can become from shareholder to stakeholder as well. How resistant are shareholders, Alan? Or are they buying into it? Are they loosening their desire for outright profits in view of other issues, which other metrics which Sadiq was talking about? You know, thanks, Steve. I think the short answer is business is on the move. The changes that Sadiq referred to, the changes that Commissioner and the Secretary General referred to, I'm an optimist. I start to see them happening. Most big private sector companies are making net zero commitments. The prospect of non-financial metrics taking hold at scale is very real. Stakeholder capitalism has been talked about by the business round table and the World Business Council for Sustainable Development with many companies signing up. There's a chance that carbon markets will take off and maybe to answer your question directly, even two years ago when I took the role as CEO of Unilever, when I met with shareholders, there was typically a junior person in the corner of the room with ESG responsibility. Now it is a core question that portfolio managers are asking. We're being constantly asked, are we making progress on our ESG commitments? All of our management's reward is now linked to ESG and it's because finally the penny is dropping that this is not a trade-off between doing the right thing and doing the profitable thing. Doing the right thing is a pathway to a more profitable, more sustainable business. And you know why the root cause of it all is that young consumers are voting with their pound, their euro, their dollar, their RMMB and will only buy from and will only work for private sector businesses that are run properly. Alan, excellent. Thank you very much. I'll come back to a couple of points you raised there. Jonas, you and I have had many conversations about the jobs of the future. And one thing that's really annoyed me over the years is people coming to me and CNBC and saying, the jobs of the future haven't been invented yet. Well, then I obviously come back and say, well, how can we train people? How can we educate people for this as well? Jonas, first of all, can you frame the problem we're seeing on a global jobs basis and why you have hope if you have hope and how you see a root out of this given everything that has been said so far? Well, I think we've had some great conversation, Steve. And really what the pandemic is doing is accelerating some of the structural changes and you referred to some opportunities in terms of those changes. As it relates to the labor market, what really is happening is that it's driving the continued bifurcation between the many opportunities that people have even in this difficult time today and looking forward even more so with the right skills and those that are displaced because they don't have the skills that's needed for the future revolution. And the pandemic is accelerating this with digitization of jobs and the impact of technology and globalization in a new way. So just as we have had our discussions over the years and especially coming out of the recovery after the great financial recession more than 10 years ago, we believe exactly the same thing will play out coming through this pandemic. It's going to be a two-speed recovery. So this discussion around is it a V I think it's now been, it's clear it's not the V recovery, it's a U-shaped recovery. We believe it's a two-speed recovery where many industries are coming out quicker than others. More some industries are of course impacted but the same is true as well for the labor markets. People with the right skills are going to come back faster into jobs and those that are impacted by some industries that are structurally impaired but generally just continuing that those with lower set skill sets need help in re-skilling and upskilling to be able to participate. The positive aspect of this is this is not new and Gail talked about some of the things that we saw and that's happened. We know this has been going on for some time even during great times just before the pandemic when unemployment levels were at their lowest level in many decades in many of our countries. So we know it's going to happen. So just as we've shown that we can put in significant resources to accelerate the investments we do to climate and improving our climate posture now is the time and I believe it's visible to both industries, policymakers and institutions. Now is the time to make the same investment in terms of future-proofing our workforce making the investments needed that we did not make in the financial recession but making them now at a scale so that we can re-skill and upscale the workforce so that we create an inclusive society for everyone because in the end, if we don't to do this we will move from the healthcare crisis to economic crisis and then a very significant social crisis and that is not a sustainable position. So to create growth and inclusive growth we need to ensure that we have the ability to help people make a transition from their current skill sets into the new skill sets and if we do that we can guarantee that what works for some today will eventually work for everyone for the benefit of us all. One of the great set of debates that Saadia and the team at WEF put on earlier this year was about AI and whether that will take a lot of the key jobs as well. So before I come back to Saadia on this one just back at you Jonas very quickly as well are you confident that 21st century technologies will create jobs for people that are again fulfilling and with career development rather than seeing this steady encroachment of these stunning AI models which basically take away a lot of those jobs that we know today? No I am confident that we will see many opportunities come from the impact of technology and if you think back on how quickly the whole world pivoted to remote working when we had to because we were forced to and we had the technology in place and today we have different ways of working different ways of communicating different ways of moving and we've made a tremendous shift in just six or seven months. So we will be able to harness the power of technology in combination with human ingenuity and the human capital for growth and prosperity but it's not going to be evenly distributed and therefore we need to take specific actions. We've always had a contrarian view we don't believe automation is going to wipe out all of the jobs and no new jobs will be created. Of course industries will be undergoing significant changes due to the impact of technology but by and large if you have the right skills you will be able to take advantage of those skills and create the better future for yourself and your family but it won't happen unless we make a deliberate and purposeful intervention at scale to help all of the people that are today in the industries that are going to be the most impacted and help them upscale so that they can take advantage of the new opportunities of the future. Sade, you should take the panel, yes, of course. Every time there's an industrial revolution whether it's the first, second, third or now fourth the doomsday crowd come out and say that this is the end of employment and of course in this fourth industrial revolution there's going to be new types of jobs and you only need to look at the mega trends of information technology, the biotech revolution the green revolution and actually on the panel we've got Sade here who's done more work than any of us on trying to understand what are the new jobs of the fourth industrial revolution. We must not get ourselves in a position where we become convinced that the end of full employment is an inevitable outcome of technological change. Thanks, Alan. Sade, do you want to come in on this one because one thing I want to ask you and then hang out and come back to Paolo is about the global coordination on this as well and fears that as we emerge from COVID-19 we are not seeing a coordinated response and actually there will be competition for technologies and competition for jobs and indeed obviously that will have its ramifications on global economic growth. Okay, so let me follow up the earlier two comments with a bit of a view of what we're seeing in the midst of the pandemic. So I'm cautiously optimistic, cautious because there is a double disruption scenario for many workers and that is causing a lot of pain in society so on the one hand there's of course the downturn because of the pandemic but on the other hand you are seeing an acceleration of greater incentive for businesses to automate and digitize more work. On the other hand much more optimistic because even in the midst of this recession when we've asked the people that are at the very front lines of this change whether they are planning to invest in future jobs and tasks it has become very clear that still the rate of job creation is going to be greater than the rate of job destruction that is just from technology alone and we've seen a premium on the types of roles that have previously been ignored because they've now become frontline workers whether that's care workers or postal workers or people who are working in grocery stores. So we're starting to see a lot of upward wage pressure as well for roles that have previously not been as valued in society. So I am cautiously optimistic but I'd come back to the point that both Jonas and Alan made which is we will need to proactively invest today to ensure that workers have the skills that they need that they have the support that they need for job transitions and for redeployment. Without that we are looking at a social crisis. Commissioner Gentiloni some of the top businessmen I've spoken to some of the extraordinary events I've been privileged to go to over the years have criticized Europe's ability to compete in 21st century jobs as well. A, do you see Europe actually now getting up to speed and B, do you fear the global competition? Well, I think we have a chance because indeed, at least in our intention our reaction to this crisis and also this unprecedented amount of common money that we are putting on the table are clearly oriented to increase our competitiveness especially in the two transition the climate and the digital transition. Of course, this is not something that we should give for granted because I've shared the optimism of a panel we are having because we know that this is the direction we have to go for but at the same time this is not automatic. We could have a post pandemic world with more trade tensions, less multilateralism inequalities. It is not granted at all. For example, global coordination was not easy in this period despite the efforts of Angel, the OECD, G20, G7. I participated of a lot of conversation in the G7 and G20 of finance minister but I assure you that we reached something for example, the debt service suspension for poorer countries, but we have a lot to do. So the point is governments, stakeholders, players of our society converging in this idea that we should use this crisis as an opportunity to transform and keeping our commitments. Just one example to conclude, the commission was under pressure on his original goal of the Green Deal during the pandemic. Are you insisting on this goal or are you postponing it? And the decision that we took is not to postpone but to accelerate. This of course will create tensions, risks of unfair competition from other global players. So it's I think a very huge challenge. And if we can say to our host of the World Economic Forum, this kind of global conversation trying to put together the industry, the governments, the stakeholders is absolutely crucial if we want to keep this challenge. I'm going to ask one quick question to Angel then I've got to find a round. I know everybody's got a lot of meetings and further business to attend today. So Angel, I can't believe it was 2013 that I saw you walking in Lockhearn at the G8 meeting between Putin on one side and Mr. Obama on the other side and you're a movement shaker amongst the global elite and gal but I fear that the global elite is more split than ever before. You have worked so hard on so many issues and dare I say, I'm still working on one quite big issue as we speak on digital tax. Is coordination much, much worse than it was in 2009 through to 2013 now as well. Will we get a global coordinated response? Coordination is worse. In fact, coordination is missing in action. I think the private sector has done a better job at coordinating itself or at looking at common goals rather than the countries themselves. Why? Well, because how do you deal with trade if not multilaterally? How do you deal with investment issues if not multilaterally? How do you deal with migration issues if not multilaterally? How do you deal with climate change? How do you deal with biodiversity? How do you deal with the recovery going forward if not multilaterally? If not by joining forces? If not by eliminating the barriers that we created from 2018 to 2020 that created a part of the problem before the COVID. How do you eliminate the obstacles to growth and the obstacles to crossing borders instead of making it easier? Now, in the case of the EU and here, I hope that Paolo Gentiloni is still around because the decision that they took a few weeks ago about the 750 billion was the most important ever in terms of European integration but also financially the decision to share risks that mean financial risks and all sorts of other risks. That was one of the most important things. They're finding a number of practical problems now but they will overcome that. That was a dramatic example of the type of approach that is needed now and therefore bodies like the G7, bodies like the G20 have to be strengthened precisely in order to coordinate. Right now we have our work cut out for us because we have a problem of growth but we have also a problem of jobs and we have a problem of skills and we have a problem of education and there was a moment where we had 1.5 billion children that were not in school and many of them did not have tablets, didn't have connectivity, didn't have the right teachers, et cetera. So we're facing different types of problems today but the answer is no, Steve, that we do not have enough coordination, we do not have enough cooperation and that in the end is going to be the only solution, including by the way, on vaccines which is going to be the one thing that is going to hopefully get rid of the problem that we have today. I know that Paolo and Alan have very important meetings together so I'm going to wrap up with the final round and if I can just have one post pandemic policy that can help drive sustainable business growth. This is a question from the audience as well. So why don't I start off with Paolo because I know you're in a hurry then I'll go to Alan then I'll move along the line the rest of our panelists as well. So if you have to do one actionable policy that you can do at an EC level, Mr. Genteloni, what is it that's going to drive sustainable business growth? Well, I would say that to stay to our strategy on the European Green Deal because this is the real priority that could give us also strong opportunities on jobs, on finance and on multilateral cooperation. It will not be an easy task but I think that if we are coherent, we will be successful. Thank you very much indeed for that, Commissioner Genteloni. Alan Joe. I don't know if it's interesting or boring to give the same answer but the policy ask I would have is for a green recovery. Get rid of perverse incentives to keep adding carbon to the atmosphere and put in place policies and structures that at least get the energy sector moved over to renewables. So green recovery please. You're just praising. In terms of aiding the big transition that we need to make in terms of rescaling and upscaling, what we need are policies aimed at moving our systems away from job security to employment security. And what I mean by that is facilitating the transition by helping people while they're moving from one industry to another from one skill set to a future skill set. And I wanted to comment on Commissioner Genteloni's view on the EU. The EU is actually best placed of almost any part of the world to make this transition because there are infrastructure and support systems already existing but it is very focused on job security as opposed to training, rescaling and upscaling while somebody is moving over to a different employment. And that I think is going to be very important for Europe because otherwise we will have zombie industries that aren't making the shift. So we need to move them into that dynamic but help all of the people ensuring that they have the support system to be able to live and work and train while they find their new occupation. Sadiya, it's a difficult question because we're asking for what policies can but I'll take one from you Sadiya. Ensuring that we don't remain so buried in a crisis mindset that we don't look upwards, look forward and take the time instead to put in place proactive investments for the markets of tomorrow, the jobs of tomorrow, the skills of tomorrow and ensuring that all of that is in the service of a new North Star that's not just GDP growth but is inclusive and sustainable growth. And Secretary-General Guria, final word from you. The last word we have from you was that the coordination was missing in action. It was worse than it was a decade ago. Are you gonna leave us with a more positive note or not? I think I will in the sense that I will agree with two of the five in the sense that let's not allow COVID to distract us. We have to fight it but we still have to do the single most important responsibility, the single most important intergenerational responsibility that we have today is to protect the planet and deliver to our children and grandchildren at least a planet as good as the one we received. Extraordinary set of comments and you know in what we've done 35 minutes pretty much and we've had some of the following comments. So coordination missing in action that's perhaps the most negative thing we've had so far and compared with where we were a decade ago it needs to reset. But in a European Union basis it looks like we have more coordination than we've seen for a very long time. We need a new dashboard of metrics as said by Saadia and others as well. We need to move from shareholder to stakeholder metrics as well. Look at ESG make it actually at the core of how companies have in their DNA as well. Green Deal that came from two of you as well. Green Recovery has to be at the center from Alan and from Paulo as well. We need to move to an employment security not a job security mindset. Don't get stuck in a crisis mindset. Move on from just thinking about everything in a COVID prism as well. And the final point from Angel there as well it has to be thinking about intergenerational issues as well wouldn't it be wonderful if we could leave the planet in a better state than when all of us joined it as well. Everybody thank you very much indeed for what has been a very quick fire but extraordinary panel. I'll thank everybody Paulo Gentiloni Commissioner for the Economy European Commission Angel Guria the Secretary General of the OECD Saadia Zahidi it's wonderful to talk to you along last managing director of the World Economic Forum. Jonas Preezing chairman and CEO of Manpower I'll speak to you again soon. As indeed I will Alan Joke as well the CEO of Unilever. Thank you very much indeed everybody.