London, England (PRWEB) February 14, 2009
Globex Interbank Forex Clearing notes that on January 28th 2009, the World Economic Forum kicked off its five-day annual international gathering in the eastern Swiss resort of Davos. The focuses were on issues that will also be addressed ahead of the second financial summit scheduled for April in London.
Globex Interbank Forex Clearing the global leader in efficiency for Forex trading observes that this year's five-day meeting attracted 2,500 participants from 96 countries, including a record 41 heads of state or government. Chinese Premier and Russian Prime Minister were among those who addressed delegates on the opening day. 250 public figures, including 41 heads of state or government, 60 ministers, 30 heads or senior officials of international organizations and 10 ambassadors. More than 510 participants from civil society, including 50 heads or representatives of non-governmental organizations, 225 media leaders, 215 leaders from academic institutions and think tanks, 10 religious leaders of different faiths and 10 trade union leaders. Forty-two heads of State and Government, 1,200 business leaders, NGOs, Trade Unions and experts from a wide range of fields attended the meeting to discuss the current global financial crisis, making it one of the most important meetings in the Forum's history.
Let's Put our Heads Together to Confront the Global Economic Meltdown -
Globex Interbank Forex Clearing the Forex efficiency solutions mentions that the 2008 theme was The Power of Collaborative Innovation, while the 2009 theme was Shaping the Post-Crisis World. The Meeting was a unique opportunity at the beginning of 2009 for leaders from industry, government and civil society to shape this transformation at an early stage for the benefit of all stakeholders. The objective of the Annual Meeting 2009 is to catalyse a systematic approach to improve the state of the world by integrating all stakeholders of global society. As well as looking at the immediate crisis and ways to stabilize and relaunch the global economy, the meeting also pinpointed a number of interrelated global risks including climate change, food and water security. The meeting also considered the institutions that the world needs to cooperate and confront global challenges and looked to improve the ethnical value base for business as a constructive social actor.
Globex Interbank the worldwide Forex Clearing mentions that the founder and Chairman of the Forum called it one of the most crucial gatherings in the organization's 39-year history. This gathering, dominated in recent years by the bankers and investors whose recklessness made them primarily responsible for this crisis, on this occasion gave its main platform to political and economic leaders having to pick up the pieces and trying to put the system together again. Their warnings about the perils involved if they fail and measures necessary to prevent that happening deserve a wide hearing. Several of the major elements involved were highlighted at Davos. The German chancellor called for a new economic council at the United Nations, alongside the Security Council, to coordinate international action. Other leaders concentrated on the meeting of the new Group of 20 major economies in April to chart a way forward. Such institutional redesign will take time and much of the work will have to be done through existing channels.
Heads of State, Academic Elite, and Religious Leaders Move Forward Together with Purpose -
Globex Interbank Forex Clearing explains that in terms of remedies for the current crisis, participants urged governments and firms to do whatever is in their power to maintain employment and avoid mass layoffs, which would further destroy consumer and business confidence. Voluntary salary reduction and job sharing schemes could help achieve this while still giving firms latitude to cope with sharply declining revenues. Investors and analysts should also be publicly pressured not to penalize company shares for maintaining employment levels. Participants also discussed various proposals for encouraging investment in alternative energy and other green technologies. The objective of the Annual Meeting was to restore confidence in our future. Various governments explained how they are using public spending to rebuild needed infrastructure and to accelerate green innovation. Industries highlighted how they are developing innovative new products and business systems to respond to the present crisis and to prepare for the post-crisis world. Leading educational institutions such as MIT, Oxford, Yale and INSEAD gave presentations on emerging technologies, scientific discoveries and new strategies for industry. The Japanese Prime Minister offered Asian countries more than US$ 17 billion of aid over three years to fight the global financial crisis and reiterate Japan's offer to lend up to US$ 100 billion to the IMF from its foreign currency reserves. The German Chancellor called for the creation of an international economic body similar to the UN Security Council to prevent future financial crises as well as a "new charter for the global economic order" that will preserve core economic principles. The Community of Religious Leaders launched a Call for Peace in the Middle East. The unanimous statement from Christian, Jewish and Muslim leaders came at a crucial time. It highlighted the great importance of engaging the religious perspective as a necessary complement to the political process in the search for a settlement which will lead to two independent states living in peace and free from violence, incitement and terror.
Leaving with a Profound Sense of Optimism-
Globex Interbank Forex Clearing explains that the greatest outcome of the Annual Meeting 2009 was that, despite the economic turbulence, people chose to come together in record numbers from industry, government and civil society to reflect on the seriousness of the global challenges we face and to connect and respond to such challenges. The world's most successful bankers and richest men were radically transformed in the wake of the financial crisis, but they dressed up for an important reason. The real action in Davos took place not on the conference floor but on the sidelines, as businessmen, bankers and politicians met privately. And on this front Davos could hardly be more alive. Certain people left the summit feeling hopeful. There were some incredibly savvy young people moving things forward. It was decided that simply depending on the old guy to fix things won't work. They are too busy looking backwards, analyzing where they screwed up in the first place to see the future. All of us have to work together to have a fresh way of thinking and being innovative in order to save the day.
Globex Interbank Forex Clearing notes that participants at the World Economic Forum Annual Meeting 2009 will continue their discussions about the key issues on the global agenda in a new virtual network. WELCOM, the World Economic Leaders Community, is a social network exclusively reserved for the Partners and Members of the World Economic Forum. WELCOM is designed to connect leaders to global issues. WELCOM members will engage in virtual meetings with video-enabled collaboration, exchange or share documents for concurrent collaboration, and discuss topics live at any moment of the day. http://www.globexinterbank.com