Having flown in by helicopter, German Chancellor Angela Merkel delivered a down to earth message at the World Economic Forum in Davos.
In the opening speech of the annual meeting of decision makers, she warned that Europe needs structural reforms to tackle the economic crisis. That is why she rejects calls for Germany and others to simply boost the eurozone’s rescue fund for debt-crippled nations.
“Do we want coherence without ambition?” she asked delegates at the five-day forum. “If we do, we will meet somewhere in the middle. Or do we want to see who is best and try to do like the best in Europe, so we have a chance to play a role on the world markets?”
Wintry conditions in the Swiss resort have done nothing to deter anti-capitalist protesters who have set up camp in igloos to ensure their voice is heard.
Activists claim the wealthiest one per cent is deciding the fate of the rest of the world. It is a reminder to the leaders of finance and industry that resentment is increasingly giving rise to questions about the future direction of capitalism.