Collective action the only answer

This is a transformational crisis - and one that will have fundamental effects on our globalized world. Here in Davos over the past days we began the task of collectively shaping that transformation. Let me explain how.

One objective achieved was to give support to governments and governance institutions - particularly the G20. Davos is only the starting point of a long and difficult road ahead.

But by bringing world leaders together over the past days, we have arrived at a better understanding of the origin of the economic crisis and what steps we need to take to re-launch the global economy.