With the current financial crisis and economic turmoil, pressure on political leaders is greater than usual. Many more heads of state and government gathered at the World Economic Forum (WEF) in Davos than have in previous years.
FRANCE 24's Raphael Kahane met Christine Lagarde, French Minister of Economy, Industry and Employment, to discuss the progress that needs to be made before a G20 summit in London in April. Klaus Schwab, founder and chairman of the annual Davos forum, wanted this year's meeting to prepare the ground for the G20 gathering, through discussion about stimulus packages and propositions from member states with possible answers to the turmoil.
Christine Lagarde reiterated the consensus that was reached during the WEF to reform financial systems on a global scale. Most participants were anxious to work towards better regulation, better coordinated supervision and increased transparency relating to financial markets. Leaders were also eager to jointly kickstart their economies, to restart the process of creating value, activity and jobs.
Protectionism was also a matter of great concern during this forum: is a little bit of protectionism a necessary evil to get economies back on track? Christine Lagarde thinks so, on the condition that these sorts of measures are temporary and the exception rather than the rule.
To watch the interview, click on the video.