The effects of Davos may not be seen for months
TEXT OF STORY
STEVE CHIOTAKIS: World and economic leaders wrapped up their meetings in Davos, Switzerland. Critics say the event really didn’t do anything to help the global economy.
Marketplace’s Europe correspondent Stephen Beard reports.
STEPHEN BEARD: “It’s not a G20 world. It’s a G-0 world.” That phrase from U.S. economist Nouriel Roubini may be the Forum’s takeaway message. He said there’s a lack of leadership among the big nations. The standoff between China and the U.S. over alleged currency manipulation continued in Davos. And while some politicians called for much tougher regulation of the banks, the Bankers complained of the danger of being strangled with red tape.
All in all, says Sean Rickard — of the Cranfield School of Management — the Davos delegates did not provide a clear road map for the year ahead. But then, he claims, they failed to do that before the meltdown.
SEAN RICKARD: Did they foresee these crises coming? Did they warn about them? No they didn’t really. It’s the place to be seen. Whether it contributes anything of any real value is, I think, a matter for debate.
He says the real business in Davos is done quietly behind the scenes between company bosses putting out feelers and striking multi-million dollar. deals. The details may not emerge for months or even years.
I’m Stephen Stephen Beard for Marketplace.
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