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World Economic Forum concludes in Davos
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Peter Sands, Chief Executive of Standard Charterec Bank Group, said, "We have to strike the balance, the right balance between the two objectives I talked about earlier, between making a safer banking system and a financial system that can support the sort of dynamism and growth and job creation."
For the past five days, politicians and bankers have been arguing on the reform of global financial regulation.
Silvana Koch-Mehrin, European Parliament Vice President, said, "The bankers seem to have lost all their friends and even for those people who are really through and through capitalists and believe in market economy."
The bankers suggested creating a G20-style institution to increase global cooperation.
Josef Ackermann, Deutsche Bank Chief Executive, said, "Why not have in addition, parallel to the G20, a B20, a business 20, where some key leaders from business, from different industries, sit together and have a maybe more institutionalized style of the G20."
No major agreements on economy were reached. A WEF official explained that forum is a platform for discussion, not a decision-making place.
All this only reinforces the fact that overcoming the first global financial crisis is uncharted territory.
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