Suspect charged after Vancouver car ramming leaves 11 dead    Suspect in killing of general claims he was paid by Ukraine    North Korea confirms troop deployment to Russia for first time    Rock & Roll Hall of Fame picks Outkast but not Oasis    400-800 year old giant coral colony discovered within AMAALA waters in the Red Sea    Makkah police arrest Yemeni and Egyptian suspects of fake Hajj campaign    Kafalah grants 1,900 loan guarantees worth over SR4.8 billion to SMEs during 1Q 2025    Council of Senior Scholars reaffirms performing Hajj without a permit is a sinful act    HR Ministry launches 'Ajeer Al-Hajj' service for seasonal work during Hajj 2025    stc reports strong first-quarter 2025 results with 11% rise in net profit    King and Crown Prince offer condolence to Iranian president over the deadly port explosion    Saudi Awwal Bank records SR2.1 billion net profit after zakat and income tax for 1Q25    Virgin Atlantic celebrates one month of nonstop service between London and Riyadh    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Average life expectancy in Saudi Arabia rises to78.8 years    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



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.


Clic here to read the story from its source.