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New realities of the financial system need a holistic approach

Guest Post by
Subhash Dhar, Executive Council Member, Senior Vice President and Head, Global Sales,Alliances and Marketing Head, Communications, Media and Entertainment, Infosys Technologies Limited

After a snow-free day zero, the typical Davos weather is back. The overnight snow has brought back the Davos spirit in me. The theme of this annual meeting is 'the new realities'. And keeping with it, noted economist Nouriel Roubini has called the world economy a half-full and half-empty glass.

In his opening keynote address, the Russian President made a touching reference to the tragedy at Moscow. Global leaders who appealed for social causes in their address included Bill Clinton for the ongoing reconstruction of Haiti.

As the meetings of the day unfolded, it was clear that the new financial regulations were driving the most heated debates. Participants included bankers, non banking financial service providers, economists, and regulators. The popular opinion is that a holistic approach to reform the financial system is more important than regulating banks.

Meanwhile, the Indian story continues to march forward with the Indian lounge adda becoming a big draw for Indian and non-Indian delegates. A. R. Rehman was honored with the prestigious WEF Crystal Award for his distinguished contribution in field of art. The Bajaj nightcap is always well attended and this year was no exception.

Most of the attendees arrived today. By late afternoon, this small town turned into a large convention center. The WEF Summit has taken off in full swing. I look forward to the French President's address tomorrow.

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