AP hosts debate on sustainability for the global economy

1. Wide of World Economic Forum session 2. SOUNDBITE (English) Josef Ackermann, Deutsche Bank chief executive: "I mean it''s a little bit too simple to put all the blame on bankers and banks. That''s a very important part of the problem, but in addition I think there have been political failures, there have been market inefficiencies and of course there have been bank failures. And I think it''s very important that we analyse that in a way that it brings all the stakeholders back into the analysis but also then finding solutions, because if we have the wrong analysis and the wrong questions we may get the right answers but to the wrong questions." 3. Wide of session 4. SOUNDBITE (English) Peter Sands, Standard Chartered Bank group chief executive: (includes cutaway of wide) "I think we should actually resist the temptation to say there''s one big idea, one silver bullet because most of the things we''re wrestling with, and this is as true as many of the environmental issues and financial sector issues as it is of job creation, these are immensely complicated problems with many different stakeholder interests and we should acknowledge they''re quite difficult to deal with. And so having a diversity of ideas and initiatives and experimentation is I think a good thing and we shouldn''t seek to simplify too much to sort of one big idea, or something like that." 5. Wide of session STORYLINE: The state of the world''s economy, and keeping it on a course of recovery, was the focus of the last day of the World Economic Forum in Davos, Switzerland, on Sunday. The five-day conference has seen much spirited debate on whether more regulation is needed for the financial industry, boosting sagging global employment and finding ways to ensure the nascent recovery is kept on course through 2010. In a session sponsored by The Associated Press, Deutsche Bank chief Executive Josef Ackermann and Standard Chartered Bank''s Peter Sands examined what industry and government can do to increase job growth this year before the forum''s annual meeting is declared closed. Both men advocated that a multi-layered approach was needed to drive the economic recovery. "I think we should actually resist the temptation to say there''s one big idea, one silver bullet" Sands said at debate Sunday. "These are immensely complicated problems with many different stakeholder interests and we should acknowledge they''re quite difficult to deal with." Ackermann also said people needed to acknowledge that the cause of the global financial crisis was not due to just one element of the economy, claiming otherwise the world may end up with the "right answers but to the wrong questions." "I mean it''s a little bit too simple to put all the blame on bankers and banks" he said. "That''s a very important part of the problem, but in addition I think there have been political failures, there have been market inefficiencies and of course there have been bank failures." The forum draws to a close later on Sunday. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/c9d0784ad7ae6343504856b07a99efd1 Find out more about AP Archive: http://www.aparchive.com/HowWeWork