Finance Summit will fail unless trust is restored to protect the German economy

(PresseBox) ( Zermatt, )
As Angela Merkel hosts a key finance summit today - more regulation is firmly on the agenda to protect the euro zone economies. With fears growing in Germany as one of Europe's biggest economies that German taxpayers are paying for the brunt of the rescue package for the Greek debt crisis, and with the euro continuing to suffer on the world markets, the cost to the German economy is continuing to rise. German taxpayers are angry that they are bearing the brunt for rescuing debtladen Greece. Germany has been helping to stabilise the European single currency, the euro, which has fallen to a fouryear low against the dollar this week, and taxpayers no longer seem prepared to pay for the mistakes of their EU partners.

Experts warn that the regulation approach proposed by Angela Merkel is seriously flawed and doomed to fail. Christopher Wasserman President of the Zermatt Foundation warns that;

"Regulatory measures proposed at the summit are not going to provide the long term solution which will protect the German economy against the continuing loss of investor confidence. The US is one of the world's most regulated markets, but it has given birth to the credit crunch one of the deadliest diseases of our time. Germany's policy makers and key decision makers in business urgently need to lay down stable foundations based on a responsible approach to risk. They need to operate under a more transparent and accountable ethical mandate, and this needs to be replicated at EU level in order for investor confidence to return to the Euro zone and instil trust for the common good of both Germany and the EU."

The Zermatt Summit, whose inaugural summit is taking place between the 3-5th of June in Zermatt, Switzerland, has been created to allow innovative business leaders, CEOs, senior policy makers and NGOs to discuss how ethics and not the sole pursuit of pure profit can drive business practices forward in the forthcoming years.

The main objective of the Zermatt Summit is to formulate a roadmap and focus on three areas: to revisit the corporate raison d'être of the firm to integrate leadership and ethics to make corporate statesmanship a reality

The Summit will provide a unique forum for participants to ask searching questions on how key decision makers can be influenced to instigate change in company behaviours, cultures and at policy level. This will result in a series of practical recommendations, which will be widely published to ensure their implementation by business, political and civic leaders.

Speakers at the summit include:

Renowned economists such as Nouriel Roubini and Hernando de Soto who are the at forefront of the change of the economic paradigm, innovative business leaders whose firms are applying new business models and a pioneering group of business schools and firms such as the Globally Responsible Leaders Initiative representing 300,000 students and 1,000,000 employees.

Colin Melvin, CEO of Hermes Equity Ownership Services, which is one of the world's largest and most influential institutional investors, will be speaking at this year's summit. Owned by the BT pension scheme, Hermes Equity Ownership Services has over $100bn worth of assets under advice and has been campaigning for a positive dialogue between company boards and their investors.

"It is vital that investors change the way they behave and interact with the companies that they own," said Melvin. "As the world navigates through the current economic crisis, it is not more regulation that we need, but a greater level of accountability from businesses to their core stakeholders."

The purpose of companies operating in the new paradigm should be "wealth creation with progressive policies which place social responsibility and sustainability at the heart of their operations. The new focus of companies operating in the 21st century economy should be people and not just the pursuit of profits at any cost."

The world debut of a new 56 minute documentary, "Doing Virtuous Business" will be shown to delegates.

Delegates wishing to attend the summit must apply through the registration process
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