Victor Pinchuk: To oppose the crisis there must be joined efforts and common acts on a global scale

The present economic crisis gives reasons to urge for joined efforts in a fight against it on a global scale. These are the words spoken at the conference opening of the 6th Annual Meeting of Yalta European Strategy (YES) by its founder Victor Pinchuk.

“The global economic crisis began in one country and one economic sector, but it very quickly spread out in all countries and all sectors”, he stated. “In such circumstances, it is obvious that the only decision is to join efforts and act together both globally and in each individual country.”

This year’s YES meeting, entitled “Ukraine and the world after the crisis”, is one of the steps made in this direction. Victor Pinchuk reminded that at the last 2008 YES meeting, the Managing Director of IMF Dominique Strauss-Kahn drew a very unattractive picture for the global economy at the time when the crisis affected mortgage sector – two months before Lehman Brothers bankruptcy, which became a starting point for the crisis. In fact, it was a highly accurate forecast for the future processes in the global economy.

“Our task is to draw together the best ideas that will help us understand the world and its future evolution and, therefore, help us cope with the changes to come. We all agree that due to the crisis, the world has transformed profoundly. But how will it look like tomorrow? How do we want to rebuild it? How shall we adjust to the changes? These are the questions we must ask ourselves and find answers to them during the next two days.”

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