Davos Notebook

Sprechen sie Davos?

January 28, 2010

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Ever wonder if Davos Man is a different breed? They sure can talk a different language.

Here’s Jaime Caruana, head of the Bank for International Settlements, on Obama’s job creation plan: “What we need is a system that is sustainable, that is stable. What we don’t need is where we were before, that looked sustainable because it lasted for a long time, but was not sustainable because it was creating endogenously elements of instability.”

And listen to Sergio Ermotti, deputy chief executive of Italian bank Unicredit on economic recovery: “We cannot be complacent. To underestimate the current financial dynamics could be a mistake. There is still a lack of transparency and probably some non-too-solid players. This uncertainty needs to be solved through transparency.”

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