The inaugural Summit on the Global Agenda in Dubai was a landmark event not just because the World Economic Forum had never before convened more than 700 thought leaders from business, government and civil society from over 60 countries to brainstorm on the most pressing global issues. The true significance of the Summit will only become apparent in the coming weeks and months, as the work of the 68 Global Agenda Councils continues in the run-up to and beyond the World Economic Forum Annual Meeting 2009, which will take place in Davos-Klosters from 28 January to 1 February under the theme "Shaping the Post-Crisis World".

The convening of what World Economic Forum Founder and Executive Chairman Klaus Schwab called "the largest ever brainstorming on the global agenda", just as the worst global financial crisis since the Great Depression began to hit real economies across the world, was a coincidence. But the context gave Summit participants a raw sense of urgency that focused their discussions and prompted lively exchanges and debates over the three-day meeting that launched a long-term process to help shape the agenda of the post-crisis world.

"This is truly an extraordinary period in the history of humankind," said Schwab. "It is a time of crisis, unprecedented uncertainty and even fear. But it is also ushering in the opportunity to make much needed changes." He concluded: "The Summit has heightened our appreciation of the urgency and necessity to address global challenges in an integrated way and to do what needs to be done to improve the state of the world."

To be sure, nobody can wait for the crisis to correct itself. The world needs to react quickly but in a deliberate way, with both national solutions and well thought out and coordinated global approaches. This is a turning point beyond which is either an improved world or a much diminished one - the result depending on the quality and depth of the collaboration of the international community. "Despite the negativity of today’s situation, we can learn a positive lesson from it," suggested His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice- President and Prime Minister of the United Arab Emirates and Ruler of Dubai. "People are decisionmakers and they can write their own history."

As former President of Mexico Ernesto Zedillo Ponce de Leon, Director of the Yale Center for the Study of Globalization at Yale University, USA, pointed out, "the way in which we manage this crisis will have a lasting effect on the global economy. We could have very bad ideas and those bad ideas to confront the crisis could have lasting and costly consequences for years to come. We could have good ideas that are implemented well and when we overcome the shortterm crisis, we would then be in a better situation to confront the future than we were in before the crisis."

Concluded Summit Co-Chair Mohamed Alabbar, Chairman of Emaar Properties, United Arab Emirates: this meeting "is not merely about setting agendas; it is about laying the groundwork towards practical and actionable solutions. We are confident that the deliberations will be of immense value to the people of the world for the long term."

The world needs a "fundamental reboot" of its basic operating systems, participants agreed at the end of the Summit. The Global Agenda Councils are the foundation of a brain trust that the stakeholders in the crisis hope will lead to fresh software that will run new, more effective and sustainable systems of global governance for the 21st Century.

Highlights of the discussions in each of the 68 Global Agenda Councils may be found on the World Economic Forum website at www.weforum.org/globalagenda/reports

The Global Agenda Councils were grouped into eight focus areas: Economic Development and Growth, Environment and Sustainability, Finance and Business, Geopolitics and Global Governance, Health, Regions, Society and Values, and Technology and Innovation. This report includes articles reviewing the Council discussions under each broad topic.

"The current financial crisis is causing a profound transformation in the political landscape. It is important that world leaders think carefully about the post-crisis world and how we can improve global governance." Fiona Paua, Senior Director, Head of Strategic Insight Teams, and Head of the Network of Global Agenda Councils

Economic Development and Growth
The financial crisis and its impact have not fuelled calls for the free-market system to be discarded. On the contrary, Global Agenda Councils agreed that the fundamental operating system of the global economy remains sound.

•	The crisis should not be used as an excuse to backslide on tariff reductions and undertake illfounded and counterproductive regulatory interventions in the markets.
•	Better oversight of the financial sector is necessary, but regulatory reform should not be overdone.
•	The crisis demands greater transparency; there should be no cutback on data collection and the availability of crucial statistics.
•	While the economic downturn has limited the political space for addressing international migration and reforming national pension systems, low-key efforts to shape policies should continue in anticipation of a time when crisis-inspired concerns about unemployment abate.
•	New business models and technologies are needed to broaden the economic base and diversify risk by drawing the "bottom billions" into the mainstream of the financial sector so they too can enjoy the benefits of modern credit, savings and insurance.

Environment and Sustainability
The fuel, food and financial crises are alarm bells warning of the unsustainability of global consumption. A new mindset is needed.

•	Risk must be properly priced. Appropriately evaluated risk must then be embedded in all human practices and decisions.
•	Opportunities to reduce energy use and carbon emissions, especially through technology improvements and behavioural changes, and to promote alternative energies can be accelerated as people gain awareness of their ecological footprint.
•	The world must double food production in the next 40 years to meet demand.
•	The key to solving global problems from poverty to climate change is the need to come to grips with expanding urbanization and the social inequality that results from it.
•	A comprehensive and sustainable new energy paradigm is needed. The financial crisis is likely to weed out inefficient business models and promote the expansion of the clean energy and technology sectors and sustainable design.

Finance and Business
The unfolding financial crisis is leading to the bleakest economic downturn since the Great Depression. The turmoil could derail the global economy unless the public and private sectors work together to come up with efficient and effective solutions.

•	Governments around the world have been employing the right sets of monetary and fiscal policies in their toolbox. But the crisis has undermined the perceived advantage of open financial and capital markets, even raising doubts about the viability of the capitalist system.
•	In dealing with the crisis, governments will be the main actors. Key responses that must move forward include economic stimulus measures and coordinated interest-rate cuts.
•	Critical elements of a new international financial architecture should include better regulatory capacity, higher standards of governance in the private sector, stronger links between macroeconomic policies and regulation, more probing analysis of economic and financial information, clearer rules of engagement for government involvement in the private sector, and wider engagement of market segments that are underserved.
•	Increased regulation should not lead to protectionism.
•	An urgent goal must be to restore confidence and hope in the markets.

Geopolitics and Global Governance
Existing mechanisms must be employed to better effect to prevent and deal with global governance failures including economic crises, failed states and cross-border conflicts. But the current international order cannot handle many challenges such as climate change and the threat of terrorism.

•	The international community should heed the wakeup calls and acknowledge that the times demand more than business as usual.
•	On many issues, there is a need to sacrifice sovereignty for the greater gain, as nations must develop new collaborative rules of the game in many areas, just as they have done in trade.
•	A key focus must be to strengthen the international legal system and the global rule of law.
•	While nation states remain the main geopolitical actors, new powers are expected to take on more prominent roles in global governance, especially through formats of enhanced importance such as the G20 or new ones such as a revamped UN Security Council.

Health
A critical concern, especially during periods of economic stress, is health. Cheap preventive strategies to guard against bad health exist but they are undervalued and underfunded. Better prevention through health promotion is essential.

•	Enormous inefficiencies exist in healthcare systems. New social compacts embedding health entitlement are needed.
•	More information and communication on health issues are necessary. Preventive measures and education are key.
•	Preparation against pandemics must be stepped up. Openness will not hinder the full collaboration of all actors and will help identify interconnected risks and opportunities for mitigation.
•	Health promotion, disease prevention and disaster preparedness must be treated as capital investments rather than current expenditure.
•	Stronger and more effective governance and leadership on chronic disease and malnutrition should be developed, especially through publicprivate partnerships with clear objectives.

Regions
Due to the financial crisis and other global concerns, fear is dominating the international agenda. It is critical that trust is restored to markets and to geopolitical relations.

•	Global Agenda Councils underscored the need to resist protectionism and conclude the Doha Round of trade negotiations. But to do so will require the subordination of national interests in favour of the greater regional and global good at a time of economic stress.
•	Efforts should be made to rebuild confidence in markets. This will require the involvement of major emerging economies in discussions over a new international financial architecture.
•	On the environmental front, countries must collaborate to forge by 2010 a post-Kyoto Protocol framework to address climate change.
•	Various regions must address specific concerns. For example, Europe needs to come to terms with a resurgent Russia, while Africa must work to diversify its economies to decrease the continent’s dependence on commodity exports. The challenge for China and India is to maintain high sustainable growth to contribute to global stability as the crisis unfolds.
•	Effective and vigorous leadership is crucial to addressing the multiplicity of complex global and regional challenges.

Society and Values
To address pressing global challenges requires the development of the human potential of all people regardless of race, ethnicity, religion, gender or geographic location. Discrimination and poverty remain major impediments to this goal.

•	Education must be used to shape the values of citizens, especially young people. Religious traditions can be important bases for promoting dialogue and understanding.
•	Visionary leadership and the media can also play important roles in promoting positive change and bringing people together.
•	Youth represent an untapped potential. They need to be perceived as problem solvers rather than the problem.
•	Children, families and their welfare should be at the heart of the global agenda. To improve education, healthcare and child protection requires a multistakeholder approach.
•	Other vehicles for enhancing social cohesion and community building include faith, information technology, journalism and sport.

Technology and Innovation
During an economic downturn, technology and innovation can serve as potent sources of growth so long as the investment and talent are there to drive them.

•	Because of its severity, the crisis is likely to be a game-changing factor that will prompt the adoption of new technologies and innovations that will change the productivity of industries and alter the competitive advantages of economies.
•	The expansion of global networks such as the Internet and the convergence of the Internet with mobile communications are resulting in the creative destruction of business models and the growing recognition that the current intellectual property rights (IPR) regime must be reformed to ensure that it does not impede technological progress and innovation.
•	The consumer is driving technological developments and innovation. Education systems that promote thinking in silos rather than a multidisciplinary approach should be revamped. The world needs a "fundamental reboot" of education.
•	Cyber crime, censorship, linguistic barriers and the vested interests of traditional IPR gatekeepers may hinder innovation and the creation of new technologies.
•	Capital is still king. To drive technology development and innovation requires funding.