work in the long term. there are going to be permanent fiscal transfers in my view and that can be done in an opaque way through a central bank. it can be done in a way through euro bonds or direct budget transfers. but that is what is required to make a single currency work. i'm not claiming that it's particularly easy but it's an essential component to bring long-tempt stability to europe. >> you wanted to comment on this issue? >> speaking of the competitiveness, i think it's very important each country try hard to strengthen its competitiveness. but it's very morn r important. sometimes a country is trying to make use of their own currency and by making the currency, they

are trying to improve their competitiveness. but it's not a fair completion. so under that the fair competition is very work. so i think that not to use the currency as a way of your competitiveness. >> i can't imagine this is directed at a country that has just announced a zoer row rate, 4 to 2014 which will mean the have we exhausted the audience? a very short question for one person. >> okay.

hello. the world has about seven billion people, according to the latest figures. the advanced region, europe, japan, america, have under 1 billion. i want to know what the imf bank and leadership of these countries are proposing in 2012 for the four regions of the world and there are four billion people in the world. what are the policies for them? >> i'm going to give both one minute to answer that question. i'm sorry for -- >> it's okay. >> it's obviously in some sense the most important question asked. >> it's answered the opportunity. because two-thirds of global growth has come from the developing world over the last few years. there's opportunities in infrastructure which can create jobs today and productivity tomorrow.

second, because of the risks we're trying to do whatever we can to draw lessons from other developing countries about effective safety nets. there's been tremendous success to this mexican and brazilian model and we've extended it to to 40 other kournltd trees. you need other alternatives. and so -- and that's going to be important for food security or a whole host of things that can could happen. and, third, is to continue the structural reforms what i was referring to that make the private sector possibilities in emerging markets. so if you're talking about capital for growth in the sector, this should be a bright spot. >> i'm going to have to conclude, i've just made four remarks about what has been said and wanted to conclude. it's been a very rich discussion. i'd love to have gone on longer.

one of the biggest things that come out of this world economy is slowing. the euro zone is clearly a concern. we haven't talked about very important parts of the world but i think that concern remains. it's very, very important to remember that the great thing that has made a difference to people's perception about a change in monetary policy in europe, the u.s. is doing this again. i think essentially ever since the beginning of the crisis we've used central banks in a completely unprecedented way. completely unprecedented way. i think this was necessary and it's important to understand as long as that remains the case, we're still in a crisis. as long as we have these monetary policies, the central banks are telling you that this is a contained depression. that's what these rates mean. what else do they mean? the second point which comes out very clearly is a very strong

sense that the euro zone can be helped from outside but only if it helps itself and this panel is pretty clearly agreed that it hasn't helped itself enough. in a long-range of respects, both in the short term and long term and the fact that the outside world thinks that way is itself very, very important. the third point is that there is a lot of discussion about competitiveness, fair competition, austerity issues underneath all that in the world we're talking about. any economy starts thinking about the concerns and that leaks with the trade policy issues. if everybody is fighting for market share by depressing wages and reducing domestic demand, we have an adding up problem. that's my perception at the world level and it's something that we really have to think about. and the final point which comes out again and again is that we are living in a different world

in relation to relative support of countries and i think the west still hasn't begun to wake up to this session of this fact. aso i will make one last very provocative remark is that i will know that we in the west have recognized this when the immensely distinguished heads and brilliant heads of the international organizations on this panel will be replaced by people while respectively not european and not american. or the other order. i don't expect it to happen but it has to happen. i think we should congratulate the panel. we've had a very nice discussion and i hope it has raised your concerns and you don't go away from davos as complacent as some people appear to me to have become. we haven't begun to get through this incredible mess that we in

the west have created. thank you very much. [ applause ] another event from davos now. sheryl sandberg and others talk about women's leadership roles. this is about half an hour. >> i have to say, this is something of a milestone. there has been a tradition to regard women empowerment as something that is worthy and nice but also a soft issue and secondary and to have this discussion with this extraordinary panel being held in this large hall is a reflection of the degree to which this issue has grown up and graduated to a perception that if you want to address the

world's key issues, whether it be global poverty, economic development, climate change, insecurity, then you have to do it by educating girls and bringing those educated women into the formal labor force and into the positions of power, whether here at the world economic forum or all over the world. we have this terrific panel to discuss these issues with. from my left we have prime minister of thailand. we have archbishop desmond tutu

and the ceo of holdings in bahrain and a real leader in empowering women in the business community, not only in bahrain but around the world. [ applause ] and sheryl sandberg, the coo of facebook. when economists try to explain the economic dynamism of asia, there are many different business models in asia. the one thing they have pointed to is how countries have made good use of the female half of the population as part of the economic recipe success across

egypt. and i'd ask the prime minister to give us her sense of how thailand has used the female population as part of its dynamism. prime minister? [ applause ] ladies and gentlemen, may i speak in thai to make sure that i deliver all of the consent clearly. [ speaking in foreign language ]

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]. >> thank you. [ applause ] >> thank you very much, madam prime minister. i should say that in a little bit i'm going to invite questions from the audience. so keep in mind, think some questions up for just a little bit. now, michelle, in a sense, your role of women reflects the degree in which they address all sorts of global problems. you have been very articulate about the fact that this isn't a matter of charity but a matter of actually solving problems. that women aren't the problem. they are the solution. can you talk a little bit about how investing in girls does actually solve global problems? >> well, first of all, even prime minister, we know that, for example, when you invest in education in girls, particularly not only in primary education but also in secondary education

we will see an important drop on early pregnancy and that will lead to an important drop of maternal mortality. because in developing countries it's mainly between 15 and 19 years old. and so that's important. the other thing is, early forced marriage has been seen that is diminishes the risk of getting infected with hiv or acquiring aids. the second thing that is very important is that in terms of an extra year of primary school produces a boost on a girl's event weight on 10 to 20%. an extra year in secondary school has 15 to 25% in future wages for a girl. the second thing is, when we know, food and agricultural, that if we would give women the same asset, not more, in terms of access to land, to credit,

access to technical assistance and water and so on, it will increase and take out hunger 100 to 150 million people. so every -- there's so much evidence that investing in girls and in women is not only, as you say -- i say not only the right thing to do. it is the right thing to do. it's the smart thing to do. >> but if there's an economic return here -- i mean, this is a pretty smart community of investors here. if there's an economic return, then why doesn't the market invest in girls by itself? why do we have to intervene? >> well, i have been asking myself that question because, as you see, any -- not only on international community in any political correct statement, women are essentially underdeveloped in areas. they are essential in the development as a whole.

but it's not happening. why? i believe probably because we need to work much harder with the business community the business community so that they can increase the opportunities for women to have a possibility of better jobs. we need to increase the opportunity -- we needle also t work at the study levels but go more in science and innovation and technology and so on. there's a part here that must be done by the private sector and also by governments. >> archbishop, you and the elders are addressing all kinds of global problems all around the world and yet, one of those that you and your colleagues have chosen to focus on has been the empowerment of girls and the end of child marriage, why do you give such a priority to focusing on girls?

>> out of -- if answer is obvious. we have already heard, when young girls are involved in sexual activity, infant more tality increases. fairly straight forwardly, the evidence is that, i mean, if we do not in fact end child marriage, we can kiss goodbye to six of the eight millennium development goals. you'll not be able to do anything about poverty. because a child bride has to drop out of school usually. that means she is not going to be employable and if employable

at very, very low salaries. the health question, the -- universalizing primary school education, maternal health, you go on and it seems like, i mean, why don't we get it into our heads that the solution is straight forward and simple. we won't make it without the women. god told -- [ applause ] god told adam, you know. it's not good for this guy to be alone. it is part of who we are.

it is that we aren't, i'm suggesting for instance, of things like compassion, gentleness, caring, i mean, those are part of what it means to be feminine and i think hitler happened because his mom did not hold him so he ended up with no sense of security and went out to try to prove that he was someone. by hurting others. women are totally indispensible for the continued existence of

our society. >> thank you. [ applause ] >> i need help. i'm looking at the men, please, make sure that they don't have weapons. >> everybody has been dis armed i home. i would like to turn the conversation a bit to what specific kinds of inter ventions will make a difference, but whether we are talking about the corporate suite in new york or south africa. there's pro found in equality and we know. that what can we do to create the greater quality and i would like to ask you, you have pioneered this, what can one do and you know, what are the

returns, from a profit making point of view, why does it make good sense for a company to take those kinds of steps? >> sure, first of all, i look at it from two angles to close the gap. one as michelle said, it's the right thing to do and second, what motivates me even more is my ability to generate better performance and better profits for my institution, and for the whole of the economy. if i look at the world population, females represent over 50% of the population. if we do not incentivize that big portion of the population to participate in the development of the global economies, we never going to achieve, we will never achieve. we need the whole population,

forget about male/female, all of us are part of the global economy, and the world. so we need to work hand in hand. of course, how can we close that gap? it is definitely -- there are different ways. one way that i'm trying follow which is an individual interest because of the second reason that i pointed out. the economy reason. so in my own organization, what i made sure that i hire people based on merit. not because they are male, not because they are female, but i do want to have the diversity. because i truly believe that if i'm sitting around a table with my executives, and they are all male, if i add another resource

that incremental value will be minimal and eventually it will diminish actually. if i bring in a female to that table, that person will add different ideas, different angle of thinking, and probably -- not probably, i know, that person will improve the performance of the whole team. now, the way i look at it is the responsibility of the governments of the policy makers to initiate -- from the beginning, on the youth level that -- to force it in the education of the youth to show that male and female are both equal and needs to contribute to the well-being of the country. and second, i know it's a

controversial area, but quotas, i believe that quotas, but of course to tie it with merit. i believe quotas are important. >> isn't there a inconsistency between quota and merited? isn't it a trade off? >> in all of the sdi that women do we are in universities and if you look at the fortune 500, 25 top conditions that, let's call them female friendly, she showed higher performance. >> and one of those is no doubt facebook. >> definitely. >> and sherrill sandburg gave a terrific speech which i commend to you at a commencement speech last may i guess it was, looking at these issues, and i really

encourage you to go and google it. sherrill -- >> really? >> can you talk about it? >> it's on youtube, which is google. >> can you talk about what the corporate sector needs to do to create more opportunities for women employees and what women have to do? >> we have ambition gap. in the developing world, we have an ambition gap at the societial level. we say we want to educate our women but we do not mean it. at the personal level we have a data problem. in the united states, women got 50% of the college