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1. Wide of snow-capped mountains with trees 2. Exterior wide of Congress Centre, venue of the World Economic Forum 3. Close-up sign with delegates seen walking by 4. Wide of street leading to Congress Centre 5. Police on building roof 6. Cutaway of snow covered trees ++INTERIOR SHOTS++ 7. Wide of congress centre foyer 8. Delegates sitting and talking 8. SOUNDBITE (English) Howard Lutnick, chairman and CEO of Cantor Fitzgerald LP: "I think the euro is fundamental. I think certainly over time in my view, the European nations are going to have to come up with what I'll call a pan-European system of taxation. It's not just going to be each country, but rather you're going to have to give Brussels away to tax. Maybe a pan-European value added tax." 9. Delegates sitting in Congress Centre 10. SOUNDBITE (English) Kenneth A. Hersh, founder and CEO of NGP Energy Capital Management: "Are we in for a long, slow de-leveraging process, slower growth, until we turn? Yes. Could it get worse before it gets better? Maybe, but it clearly has more upside than downside and I think that's the way the business community thinks and I think that she (German Chancellor Angela Merkel) asked for the time, and I think that's what they need - and time does heal." 11. Delegates sitting in Congress Centre STORYLINE: Global business leaders at the World Economic Forum gave their backing on Thursday to the struggling euro currency, but warned its prospects were likely to get worse before they get better. Worries that Europe's slowdown would hurt stronger economies are overshadowing discussions at this week's event in the Swiss ski resort of Davos. However Howard Lutnick, chairman and CEO of Cantor Fitzgerald, said on the sidelines of the forum on Thursday that he believe the euro is still "fundamental" to the global economy, but concedes European nations will have to come up with some creative measures to save it. "I think certainly over time in my view, the European nations are going to have to come up with what I'll call a pan-European system of taxation. It's not just going to be each country, but rather you're going to have to give Brussels away to tax. Maybe a pan-European value added tax," he said. Kenneth A. Hersh, founder and CEO of NGP Energy Capital Management, said there were likely to be dark times ahead for the EU but that overall the business community is positive about its future. "Are we in for a long, slow de-leveraging process, slower growth, until we turn? Yes. Could it get worse before it gets better? Maybe, but it clearly has more upside than downside," he said. In her opening speech to the forum on Wednesday German Chancellor Angela Merkel expressed her determination to solve Europe's debt crisis through greater political unity. However she warned the euro's shortcomings "arose over years, so they can't be overcome in one fell swoop." A message that Hersh was quick to support on Thursday. "I think that she asked for the time, and I think that's what they need - and time does heal," he said. You can license this story through AP Archive: http://www.aparchive.com/metadata/youtube/34bf8a25f5156650091d4b51e125465f Find out more about AP Archive: http://www.aparchive.com/HowWeWork