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Davos: rethink, redesign and rebuild

By Channel 4 News

Updated on 27 January 2010

As the politicians, bankers and businessmen arrive in Davos ahead of this year’s World Economic Forum, many will be preoccupied by the prospect of banking regulation, writes Rachel Jupp.

Landing at Zurich airport, there is little to suggest the rest of the world is staggering out of a massive recession. The private jets are still lined up on the runway, the walls still plastered with ads for Swiss banks and gold watches and Davos Man – as members of the global elite here are dubbed - still reigns supreme. Well, in Davos at least.

Because the politicians, regulators, bankers and business types that gather in this snowy Swiss ski resort for the annual World Economic Forum have taken a battering this year. Last January they were reeling from the collapse of Lehman Brothers, and people talked earnestly about the end of capitalism. This time round, there’s a little more confidence – but still a sense that we’re not out of the Alpine woods yet.

The theme for the next fours days of debates and discussion, we are told, will be the three Rs: rethink, redesign and rebuild. But I suspect there’s another R looming in business leaders minds: regulation. Barak Obama’s proposals to reform banking will be picked over here – with financiers wondering what politicians will look to change next. Financial reform and the state of the global economy remains the hot topic in this cold climate.

The political agenda matters too. There is concern about internal political tensions – as governments start the long and painful process of trying to rebalance their books, how will the public react? And mirroring those internal political tensions, are the geopolitical ones – will new economic growth see emerging markets completely emerge, leaving the west in its wake? The strength of this event is that it brings together so many world leaders, up a mountain and out of their comfort zone, to think about these issues. 

But it won’t all be hand-ringing over canapés. Economies are growing again, confidence is returning – which for many means its time to get back down to business. I imagine there will be a lot of networking and deal cutting over the next few days.

So a lot to watch out for, and some very interesting people to hear from. When we head back to London on Sunday (not on a private jet, I should add), we should have a good sense of the economic and political ideas that will shape the year.

 

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