 Good morning and welcome to the press conference introducing the 43rd annual meeting of the world economic forum. My name is Adrian Monk. I'm head of communications here at the forum and I'm joined in this press conference by founder and executive chair of the world economic forum, Professor Clal Schwab, and by colleagues on managing board, Alot Shfinghi, Borger Brenda, Lee Howell and by the forum's chief economist Jennifer Blanker. Rwy'n meddwl i'r unrhyw o'r ffliadau o'r ysgrifennu o'r ysgrifennu a'r ffliadau hyn. Ond rwy'n rwy'n meddwl i'w dda i ddim ddechrau, Prof. Schwab, ond y gallai y bydd y ffliadau sy'n ei ddweud ychydig arweinydd, Prof. Schwab? Rhaol ei ddweud. Yn nhw, Eylian. Yn y gallai gweithio'r ffliadau sy'n ei gweithio, yw'r ffliadau sy'n ei gweithio, yw'r ffliadau sy'n ei gweithio. Yn y bwysig yng Nghaerbydd yna, yna gweithio amser i gael y ffordd ar y cyfanol, yna gweithio amser i gael'r gweithio. Yn y bwysig, mae'r gweithio'n gweithio cyrraedd yng Nghymru. Mae'r ddod yn y cyflwyno, ac mae'n ddweud yn y bobl, mae'n gwaith yn gweithio, yn y stwg gyfoedd. You have all the hats of international, regional development banks, multilateral organizations, you have the CEOs of most of the 1,000 foremost global companies, you have the hats of each major global NGO, you have, in addition, the young generation very well integrated through our young global leaders, through our global shapers, a new category of forum communities. You have, from civil society, not only the NGOs, the trade unions, prominent trade union leaders, you have cultural and religious leaders. I should also mention, of course, the intellectual dimension, the intellectual leaders whom you have in Davos. When you look at the participants list, you will feel that the heads, the presidents of society plus most renowned universities around the world are integrated. You have women leaders. So sometimes the question how many women leaders participate, actually you have more than 400 women leaders and many organizations who organize summits for women leaders would be probably jealous to have such a strong women leaders constituency. I should also add the disruptors whom we have in Davos, the technology pioneers, and finally, very important, the media leaders. I think every fifth participant is a media leader. Now, this just reflects the nature of the World Economic Forum. It was established as a multi-stakeholder organization. We believe that the big issues in the world cannot be solved by government's business, or civil society alone. We need a cooperative platform. So there's a second reason why Davos is different. It's the most systemic interdisciplinary approach to the global agenda. Usually you have meetings devoted to one or two or three different subjects, but here in Davos, we look at all the issues on the global agenda in an interconnected way. This is, by the way, also the reason why some of the governments, or practically most of the governments, are represented by multiple ministers. I just take the example of Germany. Of course you will hear later about the Chancellor, but there's also the Vice Chancellor for Economic Affairs, the Ministers of Finance, the Ministers of Social Affairs, the Minister of Development, and the Minister of Health. Foreign Affairs. And foreign affairs. And in each of those issues, those people are engaged. So it's the most multidisciplinary meeting. Third reason why it's different, it is the most interaction-oriented meeting. Davos is not built around some stars. Everybody in Davos should be a star. We have 1,400 active roles, 1,400 active roles for participants, and so there are more than 400 public and private sessions. So everybody is engaged in Davos, and that provides a very special atmosphere. Finally, Davos is different because it's not a formal decision-making meeting, which communicates at the end. It is a laboratory for new ideas, actually, and a testing ground and launching pad for new initiatives. So you will see again in Davos quite a number of new initiatives. And I should add it's an informal platform for resolving disputes. Now what is my personal expectation for Davos this year? Number one, I hope that we can approach our global affairs with more optimism, and this is also expressed in our theme, which will be developed by my colleague Lee Howell. I hope we can recreate, again, more globalism. We had recently a preparatory meeting here of representatives of international organisations and governments, and there is a fatigue now in globalism. It's even the feeling of a possible backlash. So we want to restore this notion of global trustee-ship, which is so important to address our global issues. And my third wish for Davos is that participants come back with more civic mindedness, which means feeling a greater responsibility for society as a whole. And ultimately, this means a stronger moral accountability and responsibility. Thank you. Professor Schruff, thank you very much. I'm going to turn now to my colleague Lee Howell, who heads up the team that develops both the theme and the programme. Lee, you've had to develop over 250 sessions drawing on the talents of some 2,500 people. How have you gone about preparing this year's programme for Davos? Thanks, Adrian. We go about it, really, if I want to go back to Professor Schwab's points about the stakeholder, bringing all the stakeholders together, and of course, being multidisciplinary. And I could say that the programme is developed the day after the prior year's annual meeting, but in a very systemic way where we reach out to all our communities, our members and partners, our constituents. But I would like to highlight one group. One group that's quite interesting here is our members of our global agenda councils. Professor Schwab highlighted, really, this multidisciplinary, multistakeled approach to global issues. We have over 1,500 experts coming from business, international organisations, national governments, universities, think tanks, et cetera. And they work together throughout the year, in server two-year term, and to help build the programme. First and foremost, by helping us, for example, last week we had two weeks ago at the launch of the Global Risk Report. They were instrumental in that, but also consulting and working with us to really reshape these issues. And I believe there's a press gathered here today will have a chance to think of, to actually appreciate some of their thinking in a broader context with the global agenda, the outlook on the global agenda report that we have with them. We call it the Global Outlook 2013. But they're very instrumental. I just want to highlight their contribution. Of the 1,500, over nearly 400 of them will be President Davos active in these very sessions. Now, to the point about the programme itself, clearly it's built around the theme. The theme is resilient dynamism, and I will just simply express it as follows. In an interdependent world, we are facing a number of risks. We're very aware of that. They're exogenous, external. These are future shocks, and we have to be resilient. But that's not sufficient alone to get us out of this. This is the point of the pressure, the optimism, the leadership. We do need dynamism. We need to get back onto a path of where we want to be, not where we were, in the sense that we wanted to deal with these pastures. Well, that's not going to prevent, you know, actually going to lead us to a better future. We have to actively pursue that future. And what I would express to the people around, the organizing principle around this theme is a bit counterintuitive, but in order to deal with the risks, you have to take risks. And I think that's what we're hoping to see is that leaders will be open to being innovative, being bolder, taking these risks because they do have to, of course, acknowledge and address the risks that society is concerned about. And that's how we built the program. In the program, I would just say is that, as always, focusing on the global regional industry, but also the broader societal agenda issues. And I welcome you all to go through the program that you have with you, but I would like to highlight three areas, if I may, that I think would be... One is, of course, very much focused on the global economy. Some of the colleagues here will speak to that, but we do have really the top economic teams in Davos from the various countries and economies, but also from the key international organizations along with industry, et cetera. But the key point is there is very much focused around bringing dynamism back into the global economy. And also dealing with some of the risks that we face with respect to challenges revolving around protectionism, nationalism, populism, such that we talked about earlier. So I just want to highlight that point. The second is that we also very much focused around what's happening geopolitically. And there are a number of exciting sessions that Borgie Brende will touch upon because we do have the leaders in these regions present with us to look at what is happening in North Africa, the Middle East, Southeast Asia, et cetera. And I just want to highlight that we've given a lot of emphasis on the regionals this year. We have a number of televised sessions with regional media partners. We've expanded our coverage in that sense. And I want to highlight that. And of course, third is a little number. We spend a lot of time on innovation. We have a great assembly of scientists and technologists in Davos. And if you're, Adrian, ask me what's sort of my highlight of the program is really around the ideas labs where we work with top teams of scientists and really innovators and technologists from universities to really think about what's next that's really going to help us and change our lives in a very positive way. And I find that very inspiring along with the fact that we have so many Nobel laureates. And I just want to highlight the other one session, of course, is when we ask these Nobel laureates to really express what they think is really important in the state of the world today. So it's a very rich program, but I wanted to highlight those three elements just for the media here. Thanks, Lee. I'm telling now to my colleague, Borgie Brende. Borgie, this year there's usually a strong participation by public figures, but it seems to have risen to extraordinary levels this year. Can you just talk us through exactly who's coming from the public space politically and civil society? Thank you, Adrian. It's correct that there's unprecedented participation from governments and international organizations this year at our annual meeting. We have close to 50 head of states and governments coming to Davos and more than 300 at cabinet level or representatives from international organizations. We know that reviving economic growth, jobless growth, the situation in Syria, but also the post-2015 agenda on the millennium development goals are crucial for the international organizations, and we will have Secretary General Ban Ki-moon addressing all these questions. We also have Madame Lagarde from IMF talking about economic outlook for 2013, and also the quite newly elected president of the World Bank, Dr Kim, will also be in Davos. Altogether more than 35 international organizations will be with us. We will, of course, have a special focus on Eurozone and Europe. Europe has been through tremendous reforms this year, and maybe even more important one has built the framework that will secure not going into the same situation in the future. And some of the architects or the de-architects of this new system will be with us in Davos with Chancellor Merkel, as Professor Schwab also mentioned. We will also have then the head of ECB, Draghi, that has played a very crucial role. We will also have Prime Minister Cameron that also has the presidency of G8 this year will be in Davos. We also have Prime Minister Monty of Italy that has started reforms in his country. We will have also, for example, Prime Minister Tusk from Poland. We will also have eight EU commissioners with Olyran on the economic side, together with Finance Minister Shobla of Germany, the French Finance Minister, Italian Finance Minister, and also the new presidency of EU this spring with the Irish Prime Minister will be there. So I think we're very well covered on Europe. Moving a little bit east, we will also have the G20 presidency of this year represented with Prime Minister Medvedev and key cabinet ministers and deputy prime ministers. We also have great participation from Central Asia and Caucasus playing more and more of a strategic geopolitically and also economically an important role, a president of Azerbaijan. We also have the president of Ukraine and we will have also a top-notch delegation from Turkey with deputy prime minister Alibaba John, but also Foreign Minister Davud Gullwig that will be part of discussions on Syria and Middle East and North Africa. We have unprecedented participation from the new democracies in North Africa sharing with Davos, also the reforms that are now being undertaken with the Prime Minister of Morocco, Prime Minister of Tunisia, Prime Minister of Libya, and also the Prime Minister of Egypt with crucial cabinet ministers. We also for the first time have the Prime Minister of Lebanon sharing with us his views on the challenges in Levant together with His Majesty the King of Jordan, the President of Israel, Shimon Peres, and also the Prime Minister of Qatar that is playing more and more of a central role in this part of the world. Africa, six of the 10 fastest-growing economies in the world, are African and we have a lot of business interests also to invest in Africa, so it's very interesting to see that there is less focus on Oidae and more on the great opportunities on this continent. 10 head of states and government from Africa will be there to discuss the Africa agenda in a global context with President Summa and eight cabinet ministers from South Africa, President Goodluck Jonathan from Nigeria with five cabinet ministers also with Finance Minister Ngozi, the new Prime Minister of Ethiopia will also be there and Prime Minister Swangorai from Zimbabwe that is now also facing an election in the spring. The fastest-growing countries in Asia will be there in ASEAN. We have a special focus on ASEAN this year with the President of the Philippines, Prime Minister of Malaysia, Deputy Prime Minister of Thailand, Vice President of Myanmar, Deputy Prime Minister of Laos, and I could continue. Of course, after the elections in Japan that just took place, there is a lot of interest in what are the reforms being undertaken by Prime Minister Abba and his team. On Saturday in Davos, we will have the Trade and Industry Minister, Metin Minister and also the Minister in charge of the reforms will be there to share the new agenda. We also have good Chinese participation from the Central Bank and also from NDRC. Davos will take place at 24 hours after the inauguration in the US. We're expecting four cabinet-level secretaries with us in Davos and also a strong delegation from the Hill. Seven US senators with including McCain, but also seven representatives from the host, including Eric Cantor, the head of the majority leader in the host of representatives. From Latin America, we will have three presidents and very strong delegations from the fast-growing economies of Latin America. As also Professor Schwab mentioned, we will have 40 head of civil society organisations, including the most important ones, Amnist International, Greenpeace, Transparency International. For the first time, we have also a co-chairman of Davos that is from civil society who get Labelle from Transparency International. We have faith leaders and we also have the important labour leaders globally. Of course, all the young people representing more than 50% of the global population under age of 27, the new community of global shapers that we initiated last year, know with more than 208 hubs in 208 of the fastest-growing cities in the world. Borger, thank you very much. My colleague, Alo Sfingis, is now going to talk about the other side of participation in Davos. He's kindly picking up the baton from our other colleague, Robert Greenhill, who's in the front row. He has literally hot-footed it from a transatlantic flight from Geneva Airport. So he'll be available afterwards to give you some more detail on business participation. Alo Sfingis is also going to fill us in on another key element of Davos, which is the forum's open forum, which is now in its 11th year and has become an increasingly strong interface between the forum and the global public. So can you just talk us through both business participation and their interesting open forum agenda? Thank you, Adrian. Well, we've heard before just how impressive the lineup will be with regards to public figures, but also other stakeholders that we always welcome in Davos. And we are actually out of the total of 2,500 participants. We have 1,600 business leaders in Davos. About 1,000 of these 1,600 business leaders will actually be CEOs or chairs of their respective companies. We will have really a very broad representation of all different sectors of business represented. Virtually all areas, different industry sectors, different service organisations will be represented in Davos. But we will also have a very good representation when it comes to geography. I think we will see a very strong presence of business leaders from Brazil, from Russia, from India, from China, from South Africa, additionally, obviously, to the strong participation that we've always seen with business leaders from Europe and from North America. I think what also is important to highlight that together with these businesses and business leaders, these members and partners, we work on projects and initiatives throughout the year. And I'd like to take the opportunity to highlight three initiatives that we're particularly proud of and that we've worked on the last year and that will have a particular place also this year in Davos. The first initiative I'd like to highlight is called Grow Africa. It is something that we have launched at our African summit in 2011. And I think it really took off last year where towards the end of the year, the G8 countries have actually pledged a sum of $3 billion for investments in Africa. And the focus of that initiative is really on food security. And we will give that initiative a particular place in Davos. The second initiative is around climate change. At the Rio Plus 20 meeting, we have convened a coalition called the Friends of Rio Plus 20. And the purpose of that coalition is really to establish a fund that will enable investment in green technology in emerging markets. And we expect now to add towards this fund the sum of roughly $500 million. And also that will be a key topic in Davos. The third one already Professor Schwab mentioned it, the gender parity topic is really important for us. And we're very proud about the participation of female leaders in Davos. Last year we launched three gender parity task forces in Mexico, one in Turkey and one in Japan. And we'll also have a good number of sessions to that topic in Davos. Lastly, I'd like to share with you our enthusiasm around the Open Forum initiative that we've had, as Adrian said, it's the 11th year now. The Open Forum is really for the population of Davos and for the population of Switzerland. Everybody can attend these Open Forum sessions. We expect for these sessions throughout the four days, roughly 2,500 participants joining these sessions. And just to name a few that we believe are of particular interest this year in Switzerland and also in Europe, maybe one session around employment. So one session will be titled Unemployed or Unemployable. A second session I'd like to highlight will be around mega-sports events. Switzerland is pondering a bid for Olympic Winter Games. We believe that's a very timely topic. And maybe a third example will be a session on the war against obesity. So again, the Open Forum is an event that we organise also in recognition of all the support that we have from Davos and from Switzerland. Thanks, Alois. Just for those of you who are familiar with the work of the forum, the Global Gender Gap report is an annual feature the forum develops, which looks at the gap between men and women across the world. That's a kind of keynote part of the forum's output. And we build on that work in Davos. And obviously it underpins our work in the area of competitiveness. Can I just turn now to Jennifer Blankey, our chief economist, just to draw out some of the other themes on the economic front that will be developed in Davos and some of the reports that will contribute to the meeting. Absolutely. Thanks a lot, Adrian. In addition to the measures that Alois has just mentioned, actually the annual meeting programme is going to be based in large part on a number of initiatives that were actually taking place over the course of 2012. And Alois has mentioned a few of them. I'd like to give you a few other highlights that are quite important, we think. Starting with a project that I have been actually personally involved in, the competitiveness in Europe teams are producing a new report that we're going to be launching in Davos called Rebuilding Europe's Competitiveness. It builds on a recent book that was published by Professor Schwab. And it will be launched on Thursday, January 24th. The underlying basis and idea behind this book or this report is that when you look at Europe and you look at the financial and economic woes that the region is facing, it in large part can be traced to a competitiveness deficit in the region. And so what the report does is it identifies some of the areas where the deficit is most pronounced and then looks at policies and practices that have already been implemented in individual European countries that if extended and implemented in other parts of Europe would really be important in terms of providing a boost to Europe's economic prospects. Now the report will be used in a number of sessions at the annual meeting and bringing together leaders from all different actors, civil society, business and government who are interested in boosting Europe's competitiveness and placing Europe on a stronger growth path. Now Russia's competitiveness, or at least its economic prospects, is the focus of another report that we will be coming out with in Davos. And this is going to be called Scenarios for the Russian Federation. And it was developed in close cooperation with Russian industry leaders, business leaders, political leaders, but also investors and experts. And what it's based upon are very well-established scenarios methodology. And it will be looking sort of out to 2030 at what are the prospects for the Russian economy. What's quite exciting about this report is that it will be launched in a major plenary session where Prime Minister Medvedev will be there to react to the findings and also to provide his and others who are in the session their thoughts about what are the prospects for Europe's economy going forward. And of course this session will be livestreamed. Turning from regional to global issues, clearly if you think about global trade the world is trying to pick itself up from the inertia of the Doha round. And there's a lot of effort around the world to really push for enhanced trade around the world. Now this has been a focus in terms of enabling trade at the World Economic Forum for a number of years. And one of the specific areas that's of particular interest is the whole concept of facilitating trade within supply chains. Now this is important because one still sometimes thinks, perhaps not in this room, but one sometimes still thinks about trade as trade in one product that's produced in one country entirely and then shipped to one other country. Whereas of course today it's much more complicated than that. There are long supply chains where there are many different components or efforts made in different countries where things are shipped over multiple borders before they finally make it to the final customer. So what our team working on supply chains in the forum has done is they have been quantifying what would be the benefits of actually reducing barriers to such supply chain trade. And this will be launched in a report called Enabling Trade, Valuing Growth Opportunities. That will be launched on Wednesday, January 23rd. And this will provide the basis for a number of sessions throughout the meeting bringing together those people who are really interested in understanding how trade can be used to restore growth and increase prosperity around the world. Now of course those are a number of issues that one might expect to see at the annual meeting. But as we've already heard, civil society voices are of course already involved in all of these projects and it's a very important project for the World Economic Forum to engage very closely with civil society. And so this year we're taking this even a step further in terms of producing a major report also based on the methodology of scenarios called the future role of civil society. And this will be looking at how if you look at trends in economics, technology, society, the environment and so on and so forth, how this will change the way that civil society engages with business and government in coming up with the sorts of solutions to our collective problems around the world. So I mean basically these are four of the reports that we'll be coming out with in Davos that will provide the basis for discussions and also action. And I hope it does provide some sense of where some of our research priorities are right now. Jennifer thank you very much. We have about 15 minutes or so for some questions. If I can ask you when you have a question just to identify yourself by raising your hand, telling us your name and your organisation. I also have a number of colleagues in the front row who can help provide some additional support on any issues you might have and there will obviously be time for individual interviews after this press conference ends. But can I just get a sense of who has questions in the room? Can we start with the gentleman in the corner on the right? Yes, Dr Shaba, this is Jamil Shade from Brazil. My question is about emerging countries. How do you see the prospect of growth in this scenario that you're looking for dynamism again that this dynamism perhaps did not occur as much as was perhaps envisaged by some? And in the specific case of Brazil it was a very low growth this year. What does this show that perhaps the growth was overestimated? Thanks for that. Can I just take the question from the person in the middle? There at the hand up. Gentleman, just there, yeah. Dmitry Cifilia, Russian news agency. Does there is some special meaning of this special session of Russian scenarios? Why it was planned for this year if there is some problems with Russian economics? Or could you tell your reasons, please? OK, well, a Russia obviously has the G20. Bulger, can you just perhaps address that issue on Russia and the importance of Russia and the Russian scenarios work? So in the summer we agreed with Russian government but also with our key stakeholders in Russia, the young global leaders, the global shapers and the business communities that we were to develop different scenarios for Russia moving forward post the presidential elections. So we developed these three scenarios on the economic development of Russia in close collaboration also with Russian professors and academics. And in October we had a very well attended round table in Moscow where we brainstormed around these three scenarios where we had also Prime Minister Medvedev, three Deputy Prime Ministers and also Cabinet Ministers there together with the international business community. And based on the outcome of this meeting we will now present these three scenarios in the presence of Prime Minister Medvedev in Davos and we will then have an interactive discussion on Russia moving forward, no as a WTO member and all the opportunities but also the challenges that this vast country continent is facing. Thanks. On specific country issues, I would just refer you obviously to the Global Competitors Report which basically details in very great detail the specifics that the forum identifies as being drivers and deficits in different economies' competitiveness. And that's really, if you like, the answer that the forum has in those terms. Sir. I'm coming back to your question but before doing so I just want to add related to Russia. I think there's a special interest on Russia next year as being in the chair of the G20 and as it had become a tradition starting with the Koreans, the French, the Mexicans, Davos will be some kind of a launching pad for the G20 agenda. So the Russian, the very strong Russian delegation is actually related to two purposes. First to discuss the scenario and second also to present the Russian ideas about the objectives for the G20 next year. If we look at the developing countries or the emerging markets, I think we are very proud that over the years, starting very early, we always, being a multi-stakehold organisation, have given great room to the integration of emerging countries. As an economist, I have to say your question, we, coming back to your question, low growth and so on, of course there's a concern whether those emerging countries may be caught in a trap, the middle income trap as I don't want to develop it further but let's not forget next year the OCCI, actually 2013, despite the crisis, the prognosis is around 4% global growth. If we take the just below 4%, hopefully more, if we look at the... where is the global growth coming from, still mainly from the emerging countries, from the brick countries, but we should not forget all the next followers group behind the brick countries, I mean the Philippines, we have the president by the way of the Philippines in the hours, Indonesia and so on. So the emerging countries are very important for global growth. Just following up on that side of the house, gentlemen in the front, gentlemen in the middle and gentlemen just at the back there. We can take those three. Hello, Maratza Gerowski from Geneva, Professor Schwab, thank you very much for inviting us. Sorry, can you just tell us your... Maratza Gerowski from Geneva, yeah, here. From which publication? Actually independent journalists are working for different publication, yeah. Regular guests here as well. I noticed that the main theme of this meeting is resilient dynamism, so what I know of resilience it's rather a psychological term which has been made recently very popular here by a professor called Boris Cyrilnik, you certainly heard of him. Maybe even invite him, I haven't seen him in the list, but I mean here you are sitting on the chair, I would imagine, do you see yourself as a shrink, if I may say so, to the global economy, and I saw that Professor Kahneman is going on... Psychiatrist, psychiatrist, yeah. Professor Kahneman, Nobel Prize laureate, he's great, he's going to speak. Maybe you have some more conference on that, if you can comment. And another, what I was appealed by the co-chairs actually, there are two chairmen of companies, like Coca-Cola, you're talking about obesity. Well, Coca-Cola even admitted now recently that they were part of the obesity problem, especially in the US, and also chairman of the UBS, UBS as you know, has been convicted recently in many different affairs, paying billions of fines. So is it for you, like a step forward, to tell them, listen guys, now you have to do better, or I don't know how you explain that. Thanks for that, I think there's two questions, probably enough to be more than food for thought. General, we're just behind. Thank you. Hi, thank you, thank you for taking my question. I'm here on Maegawa, I'm working for the Asashinbun Japanese newspaper, and I have a question in general. As Mr Howell said, how do we get back to the path, and if you look at all these themes of resilience dynamism, what do you mean by getting back? Would that mean more growth or more something else? Because we all know that the world economy's driver is from emerging economy and possible developing countries, but living who has raised in a developed world like me, it looks a little bit grim, and how the developed world could cope with the world dynamism that we see less growth, thank you. Okay, and the gentleman in the back of the middle. My name is David de Berliaw, I work for Daily here in Geneva, Tribune de Genève. Mr Schwab, you're very optimistic about Europe, but in a way, Europe is also a catastrophe unable to reform itself. Do you think that Europe is going to save what a driver that's going to save Europe? Is it Europe itself or Russia or the Bricks or the outside? And you mentioned also a very high participation from Germany, for example, but France just sends one minister to Davos. Are you disappointed by that? Okay, there's a couple of questions there. Just to start back on the beginning, you've spoken before I know about Davos as a kind of therapy for world leaders and for CEOs. Do you want to just expand on that perhaps slightly, sir? No, it's very clear the world economy is based, and the future of the world economy is based on restoring trust, restoring trust in leaders, restoring trust in our future, and this means we have to develop again, we have to move out of this crisis mode, which is amplified by the media also. We have to look at what is the longer term future, what is the longer term future, and coming back to your other remark, I mean certainly Mr Axel Weber deserves praise as well as the chairman of Coca-Cola for doing now the necessary things. Coming to the question of our Japanese, I would refer to my colleagues here. Yeah, and I think just on that point, I mean Davos as we say often is a place where people have to confront other interests and other stakeholders and actually interact with them, and that we think is one of the most important aspects of the meeting, Lee. I think on that last point that you raised about the path, I think indeed growth is important, but what you'll see through the program is there are some conditions of this future growth that we aspire for, and those are around its sustainability and its equity. It's not just pure GDP growth, it's the growth that is indeed sustainable and of course is equitable. And I think that is very much in the program and it's part of the dimensions of the conversations around what to do to get back on track, but I think it does go back to the fundamental point about, indeed there are a lot of challenges, but we can't be paralyzed through analysis of these challenges, but indeed take some bold steps and we're starting to see that. And I think this is the moment really to do one thing and that is at least have a shared definition of the problem because you can get to a shared solution and all of these issues on the global agenda are indeed impacting across all stakeholders and they are multidisciplinary, so you have to have that prerequisite dialogue to at least define it together so that you can actually solve it together. I think too, Jennifer, just to bring you in here, you identified a couple of reports that are launching in Davos which are really addressing that pessimism and giving a more optimistic potential outlook. Yeah, I mean based on whether countries actually do what they need to do because I think that what we see is that very often countries actually know what need to be done in order to improve their growth prospects, but then somehow they can't get it done because it's very difficult to make the reforms, to make the changes that are necessary. And so I think I would say we're sort of addressing this in two ways at Davos, number one just through this multi-stakeholder dialogue, getting all the different voices around the table and talking about it and saying, especially in Europe but elsewhere as well, we know what we need to do, how are we going to do this together because generally one actor can't do it on its own. Another one as I mentioned is the fact that we do see things that have been done elsewhere. We do see that certain countries have been able to implement reforms and investments in the sorts of activities that do jumpstart them. So what we hope to do and more and more going forward but also at the annual meeting is to put together those experiences and inspire countries and regions from the sorts of experiences that have been seen elsewhere. Thanks very much. And just to address the point Boogar on French representation, we have a very, very strong French business representation and of course across civil society academia. Do you want to just... And there is the key interest now in France is how France is addressing the necessary reforms and I think we have the two very relevant ministers in that respect. We have the finance minister and also the innovation minister. So them sharing their agenda on these issues is very important. The same is also for Japan, as I mentioned, the new cabinet and with the Abe economics we will have the finance, we will have then the methi minister, the economy and trade minister and also the minister now in charge of reforms will be with us in Davos. So I think there will be key findings coming out of this. And on the eurozone in general, I would say that we should not underestimate the reforms being now undertaken. Some of the periphery countries are now turning deficits into surpluses. We're also seeing that the labor units cost are falling quite dramatically and hopefully this will also then result in more substantial growth at the end of 2013, something that also the board of ECB said they were hopeful for at their last board meeting when they decided to keep the interest rate at the same level as before Christmas. Thank you. Lee. I'm just going to say that we also have a great opportunity for the regions that we mentioned to have sessions that we've built in partnership. And these sessions will be broadcast in those countries. For example, we're working with NHK on a session that will be of course aired in Japan. We're actually doing this for the first time in France, even also in Africa, etc., in other countries and regions. So I just want to point out that I think there's a lot to Jennifer's point where there's things happening in other parts of the world where we can actually have those discussions and channel the insights and really the innovations and share them across borders. Thank you. We're coming to the end of the session, but I just try and squeeze in some questions from the back of the room, just working backwards to the middle, if we can. And I know, being a former journalist, one loves to ask more than one question, but if we can just keep them very brief, that would be great. Thank you. I'm Gabriela Sotomayor from Mexican News Agency. Mr Schwab, did you invite to Davos the candidates that are contending to lead the WTO? And I would like to know if they are going. And in your view, which are the characteristics that the new director of WTO should have? Thank you. Thank you. Mr Schwab, my name is Ravi Khan. I represent Washington Trade, Daily and Economic and Political Weekly. You have stated three major wishes from this meeting, namely global platform for optimism, global trusteeship, civic-mindedness, feeling the greater responsibility and moral accountability. All these three wishes are primarily coming because the economic model that we have followed over the last 30, 40 years have failed to generate these three main traits that now you want to see sort of committed to in this meeting. Thank you. And your question is? Yes, the question that you just made a statement is there a question in the water? I have not made a statement. I said, Mr Schwab, you stated three wishes. Yes. And these three wishes have they come because of the failure of the economic model. Thank you for that. Sorry. My apologies. My hearing. Gentleman in the middle. Just there with his hand up. Simi and Bennett from Bloomberg News. Mr Schwab, you said that there is a fatigue with globalism now, even a backlash. Can you just expand on what you meant by that and what you think the signs of that are? Thank you. OK, thanks. And then just finally, gentlemen just in the middle. Professor Schwab. Tom Miles from Reuters News Agency. I wanted what risk you see from a world awash with easy money courtesy of central banks. I don't think this was really touched upon in the risk report, but is there a risk of markets mispricing? Are there signs of markets mispricing risk now and risk of inflation reviving? And also a question on the participants. In the last few years there's a sense of some participants sort of lying low, staying away because of contrition, because of the financial crisis. But although corporate scandals have continued, you're reporting a rush back to Davos. Do you think that sense of humility and contrition among the plutocracy has disappeared? Thanks. Thanks, Tom. Just on the WTO point, respects and love other international organisations, but being an impartial organisation, we don't tend to comment on choices for those particular roles. Can I just ask you sort of about the sense of fatigue and that point on Davos this year and is it responding to perhaps a sense of failure in previous years in the global economy? Yes. I mean you just have to look at the facts. Look at the outcome of the Qatar meeting on environment. Look where we stand with the world trade negotiations. Study some of the communicates of the G8 and G20 over the last years. And look at the progress made. So it's a fact that we in some way we are blocked in terms of making progress on addressing surreal global issues in a collaborative way. So small, small steps which we achieved, but it looks that countries with the economic crisis have become much more egoistic again, more nationalistic, and this of course creates a situation where everybody tries to optimise nationally the situation, which means a sub-optimalisation on a global level. Just to come back to the question from over here. The forum always had the philosophy that it is entrepreneurship which drives economic and social progress, economic development and social progress. So I don't think we have to change drastically the model of economic growth. We have to improve it and we have to put back at the centre entrepreneurship. Thank you. I would just say Tom regarding participation, just looking at some of those key elements. It's actually remained remarkably consistent from financial services and banking over the past five years. I think it looks at those numbers. But I think you can see this year from the presence of Euget Lebel as co-chair. And also if you look at the work that I know doesn't necessarily always catch people's attention as a headline, but the work we do on our partner against corruption initiative and the way that the global competitors report stresses transparency and good governance as really key drivers of national competitiveness. The forum's history in this respect is a very strong one in terms of emphasising the ways in which those elements can really improve both corporate business and national and therefore global competitiveness. I just want to come back to the question related to the financial situation. That's exactly why I'm looking forward to going myself to Davos. There are so many issues where we do not yet know the answers. Like the question you raised, will we go into an inflationary environment? So I'm looking forward to Davos to discuss with those present and to shape afterwards my own opinion. And after the meeting I hope to give you a very qualified answer. You were the editor of the global risk report. I'm not allowed to pick my favourite session, but one is related to this and we will have a debate. A forum will have a debate in Davos around really what is the looking at the near term and the long term impact of this bold, innovative monetary policy that we're seeing in parts of the world. And that will be one of the first debates we have in Davos. We look forward to seeing as many as possible of you as we can there. Thank you for being with us this morning for everyone watching. I hope you will follow up on the website. Thanks everyone and we'll be able to do individual interviews after this. So thanks all of you again. Thanks to my colleagues. Thank you.