40th World Economic Forum Annual Meeting Opens in Davos January, the 27th 2010 - In his opening address at the World Economic Forum Annual Meeting, President Nicolas Sarkozy of France said that it will not be possible to emerge from the global economic crisis and protect against future crises if the economic imbalances that are at the root of the problem are not addressed. “Countries with trade surpluses must consume more and improve the living standards and social protection of their citizens,” he remarked. “Countries with deficits must make an effort to consume a little less and repay their debts.” The world’s currency regime is central to the issue, Sarkozy argued. Exchange rate instability and the under-valuation of certain currencies lead to unfair trade and competition, he said. “The prosperity of the post-war era owed a great deal to Bretton Woods, to its rules and its institutions.
Chaired by
Klaus Schwab, Founder and Executive Chairman, World Economic Forum
Opening Address by
Nicolas Sarkozy, President of France
Source:
http://www.weforum.org
Davos World Economic Forum 2010
