Davos Diary – David Cameron on market capitalism

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In this post from the World Economic Forum, The Marketing Society’s President Amanda Mackenzie hears the prime minister explaining the UK’s commitment to Europe.

I realise last year I didn’t just wander in to sessions the way I should, so here I am, having just found myself in a room where Gordon Brown is chairing several African presidents and now we are waiting for Cameron to arrive. Should be fun.

And it’s only 11.30. Seen two of the best economists in the world speak, one ex and one current PM, discussed with one of the INSEAD professors how to help teach one of their courses. Oh, and a few journalist encounters to boot. Go Davos!

So what’s the PM saying?

While we may be fiscal conservatives we are bold radicals.

European lack of competitiveness is its Achilles heel. More than half of European states are less competitive this year than last. There is five times more being invested even in the US.

Just imagine what it must feel like if you are David Cameron making this speech in Europe in front of hundreds of Europeans in particular who will probably really resent the veto of a couple of weeks ago. I wonder what’s in his head in terms of how he wanted to come across versus Mrs Merkel.

Definitely promoting the role of Europe in the world. It feels conciliatory, thoughtful and thorough but honest and tough. Quite action oriented and naturally a big dose of selling Britain and what it has achieved as well as selling the benefits of the UK not being in the euro.

Ah, and now he is explaining why he vetoed the treaty… being very clear about his commitment to Europe, proud to be part of it and helping its rejuvenation.

Greece, banks and firewall are the most important things to do in the short term. There’s a longer term need to address competitiveness and trade deficit not just fiscal deficit.

When asked if we are on a path towards state capitalism, he said that market capitalism is the place to stay and the values of democracy and the rule of law.

I wish at this point I had heard the Merkel speech live. I didn’t. Sorry.

We have just been promised a treat. Well, Boris Johnson and Sebastian Coe are on stage now talking about London and the Olympics.

Explained the ice sculpture I saw by my hotel this morning and it’s made of London water …so ice exported to Switzerland, to complement rice we export to India and whole load of other things!

Read more diaries from Amanda Mackenzie, Aviva.

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Posted: January 27th, 2012 | Author: will.armstrong | Filed under: Uncategorized | Tags: , , , , | Leave a Comment »

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