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Schwab announces Global Redesign Initiative, says G20 not enough

Feb 1, 2009, 10:01 GMT

Davos, Switzerland - The World Economic Forum will launch in the upcoming weeks an initiative to focus on reshaping the global financial systems, its founder Klaus Schwab announced Sunday in the closing hours of this year's Davos meeting. 'We will start a Global Redesign Initiative in next few weeks,' Schwab said in an impromptu statement. 'It has the support of almost every political leader who was here' at Davos in the past five days, said Schwab, naming specifically UN Secretary General Ban Ki-moon and Chinese Prime Minister Wen Jiabao as backers. He said the upcoming meeting in April of the Group of 20 industrialized economies (G20) would not be enough to solve the global economic crisis. 'It won't address the totally of the issues,' said Schwab, adding it could at best deal with 'technical' matters. He said there needed to be a systemic redesign of the global banking system, financial regulation and corporate governance. 'The key is global cooperation,' Schwab stated later, 'not only among government but among all the stakeholders of our society.'

Business News

Schwab announces Global Redesign Initiative, says G20 not enough

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