| | | | |  | | By Suzanne Lynch and Zoya Sheftalovich | | Presented by |  | | | GOOD MORNING FROM DAVOS, where the World Economic Forum has wrapped up for another year. Today, the small Swiss town returns to normality, with most of the makeshift pavilions and boarding removed from the promenade and the ski lifts jammed with local families taking to the pistes. On Friday, the remaining few headed to the Schatzalp farewell lunch at the top of the mountain, where Playbook hears guests enjoyed traditional Swiss chanting singers and some one-on-one time with two Saint Bernard dogs (plus overcooked risotto, per our Italian mole). Others waded through the piles of unread FTs and Wall Street Journals that were distributed as freebies all week and packed into trains headed for Zurich airport. Meanwhile, Playbook hears the security staffers responsible for safeguarding the WEF over the past week gathered at the Hotel Montana for a well-earned nightcap. Who had the most exclusive party this week? Find the answer below in our second annual Davos Awards, chosen by Playbook’s on-the-ground team. But first … WRAPPING IT UP FINK OF LIGHT: As the week wrapped up, depressed Europeans got a much-needed boost from BlackRock boss Larry Fink, who told the final WEF panel that there’s too much pessimism around the Continent. “It’s probably time to be investing back in Europe,” said the King of Wall Street. Sting in the tail: But Fink undercut those comments later in the panel. “Europe is a myth. It’s a beautiful myth, but it’s not working,” he said. “It’s not working relative to the United States. I don’t see Europe moving forward enough.” Lagarde to the rescue: It fell to ECB chief Christine Lagarde to fly the European flag. “Europe is not a basket case,” she declared in one of the final comments of the WEF, which could well be the epitaph for this year’s gathering. Cultural perceptions: World Bank chief Kristalina Georgieva got one of the biggest rounds of applause of the day, when she offered this nugget of wisdom: “The United States has a culture of confidence; Europe has a culture of modesty.” She urged her fellow Europeans to find some American pizazz. U.S. fundamentals strong: Fink also doubled down on the U.S. investment story. Asked whether there was too much optimism about the U.S. outlook, he said: “No,” though he did add: “That being said, there’s risk in every economy.” Fink said he thinks “all the ingredients of the United States will be the continuation of its strength,” highlighting the fact American companies of all size can access capital. The T-word: But all were in agreement about one big unknown as Donald Trump begins his second term as U.S. president. “Is anyone on this stage in favor of tariffs?” asked moderator Sara Eisen from CNBC. Cue a stony silence. Saudi Economy Minister Faisal Alibrahim reflected what everyone here has been saying all week: “It’s really about the details.”
| | | | A message from IBM: Open source can be a competitive edge in your AI transformation. Today open source ecosystems are reshaping corporate AI strategies, as companies using open-source tools are already achieving positive ROI from AI investment and outperforming their peers. Learn how AI leaders are unlocking the ROI of AI. | | | PLAYBOOK INTERVIEW STAYING IN THE ROOM: European Parliament President Roberta Metsola agrees with some of the sentiment expressed on the last day at Davos: Europe should stop being so pessimistic. “I definitely do not want to leave here with a sense of doom,” she told Global Playbook in an interview. I think we’ve lost our self-confidence. Europe needs to be able to stand up and say, ‘We’re the United States’ No. 1 trading partner. We’re aligned on Russia, on the Middle East; we’re both concerned about Iran.’ We don’t want to give any sense that we need to exit the room.” Realpolitik: The Maltese politician (a former WEF young global leader), was a member of the European Parliament before she became president of the 720-member legislative body in 2022. She acknowledged the EU’s reputational problem when it comes to issues like over-regulation and legislative inertia: “We’ve been talking about initiatives like the capital markets union, banking union, for years, and you have a proposal on the table that never goes anywhere. We used to be able to afford that before, to be able to say, ‘we’ll wait until that election, or until that country is ready.’ We don’t have the luxury of waiting anymore.” Unlocking capital: “In 2008 Santander and JP Morgan were as large as each other. Now the gap is huge between European banks and the American banks,” Metsola said. “We need to be able to allow our private sector to thrive by making it easier. It boils down to regulation. We do have savings. We have capital in Europe. But how do you access it? How do you make it easy to do business?” Whose fault is it anyway? In the sprawling behemoth that is the EU system — which comprises complementary but often competing institutions like the European Commission, European Parliament and European Council — change can happen at a glacial place. Metsola said the EU-wide European Parliament election last June sent a message that citizens want action on the economy. “I think the climate is here. We’re asking for bold ambition from the Commission, because if we have that, we can work with it. If we don’t, we will start watering proposals down, and if we water down, we will lose.”
| | | | Power shifts, razor-thin margins, and a high-stakes agenda. We’ve transformed our coverage—more reporters, more timely insights, and unmatched policy scoops. From leadership offices to committee rooms, caucus meetings, and beyond, our expert reporting keeps you ahead of the decisions that matter. Subscribe to our Inside Congress newsletter today. | | | | | DAVOS TAKEAWAYS QUICK POPS: We spoke to a range of people at Davos to get their thoughts on WEF25. Michael Froman, president of the Council on Foreign Relations: “Globalization is alive and well in the middle countries and the Global South. You just walk down the promenade and it’s India, it’s the Middle East, it’s Mongolia, it’s ASEAN countries. They’re still all-in. They’re further integrating, they’re further opening. Their companies are here and profiling themselves in a way that others are not.” Nigerian entrepreneur Ndidi Okonkwo Nwuneli, the CEO of the ONE Campaign: “What I’ve taken away is the critical need for us to grow together as humanity, to fight for justice,” she told Playbook. “In a time when geopolitics are polarizing us, we need united voices fighting for equity and justice, especially around health, climate justice and economic justice. And we cannot leave anybody behind, because if we do, we as a world are worse off than if we work together.” Sven Smit, chair of the McKinsey Global Institute: “The executives from the United States believe that we’re at an opening up moment, a place where M&A can happen, where IPOs can happen, where deregulation can unleash innovation. They’re bullish,” he said. “There has been a gap between the United States and Europe in terms of growth performance, investment, in recent years. The Europeans feel that gap has widened. The governments and the EU have signaled that they are prepared to take steps. Let’s see if they will make progress based on this shared intent.” Lenna Koszarny, CEO of Ukraine’s largest private equity group Horizon Capital: “Look at what Davos is about — it’s about 3,000 global business and political leaders coming together, because leadership matters. There is a new leader in the White House. And he has a vision for bringing a just and sustainable peace in Ukraine. Let’s see how it all plays out. But certainly Ukrainian and international companies, Ukrainian citizens, are cautiously optimistic. We like what we’ve seen from the White House this week.”
| | | | A message from IBM:   | | | DAVOS AWARDS WHAT YOU’VE BEEN WAITING FOR: Think of these as the Academy Awards of the World Economic Forum — we’ve been conscientiously pounding the pavements this week, sorting the best from the rest. Here are our picks of WEF this year. BEST CANAPÉ: Seared tuna on squid ink tapioca cracker at the Nasdaq election watch party Monday night. BEST VIEW: The Filecoin Foundation’s penthouse suite on the promenade offered uninterrupted views of the Swiss Alps — and of the snipers perched on surrounding rooftops, securing the area. BEST SWAG: Mongolia House, which handed out cashmere scarves — lush! BEST ENTERTAINMENT: No contest — Climate Basecamp’s Yo-Yo Ma concert Thursday morning, with the world-famous cellist playing three pieces for a small audience against the backdrop of the Swiss Alps, to bring attention to the plight of the world’s glaciers. Video here. BEST HOSPITALITY: Ukraine House, which served guests proper barista coffee (by Lviv-based Svit Kavy), inventive cocktails made with local Zirkova Vodka (including the “Freedom of Ukraine,” featuring elderflower cordial and a watermelon-pineapple foam) and local delicacies such as “minefield honey,” plus hosted some of the most interesting sideline discussions of the WEF. MOST DAVOS PHRASE: “I’ll double-click on what Sergio just said” — GIC boss Lim Chow Kiat chiming in on UBS CEO Sergio Ermotti’s comments at Wednesday’s “Can Financial Systems Withstand the Next Crisis?” panel. MOST EXCLUSIVE PARTY: JP Morgan Chase bash hosted by CEO Jamie Dimon at the Kirchner Museum on Wednesday night. MOST CHIC: Jolie Hunt of Hunt & Gather rocking a hot-pink Fendi dress at Palantir House. BEST BREKKIE: Google’s HQ for the week at the Alpine Inn offered visitors a tasty breakfast menu. Our pick: Frittata of roast sweet potato, piquillo pepper, feta, onion and parsley; homemade oat milk porridge and a quinoa-based protein pot with seasonal greens, hummus and green pea guacamole. BEST LUNCH: Thai Lunch served by the Chef Cares Foundation outside the Congress Hall on Wednesday, featuring a (properly) spicy green chicken curry, pad Thai and zesty papaya salad. A nice change from limp sandwiches and mystery beige soup on offer at other times. BEST DINNER: Indonesia Night’s buffet feast, featuring an incredible prawn salad, finely threaded glass noodles, pickled octopus and much more, with the crowd entertained by a fabulous traditional band. BEST COCKTAILS: The Negronis served at the POLITICO/Goals House nightcap were, once again, perfection.
| | | | New Year. New Washington. New Playbook. With intensified congressional coverage and even faster delivery of policy scoops, POLITICO’s reimagined Playbook Newsletter ensures you’re always ahead of the conversation. Sign up today. | | | | | AROUND THE CONGRESS CENTER FORECAST: Here’s the news you can use if you’re about to hit the slopes post-WEF: Saturday will be mild and sunny, with a high temp of 5°C/41°F and a low of 0°C/32°F. It’ll snow on Sunday, with a high of 2°C/36°F and a low of -5°C/23°F. ARE WE HEADED FOR A U.S.-CHINA WAR? There weren’t many WEFers left in Davos by mid-morning Friday — but it seemed like everyone who’d hung around was crammed into the Sanada room in the Congress Center to hear from a fascinating panel on the EU-U.S.-China triangle, moderated by POLITICO’s own Jamil Anderlini. Place your bets: “If I were betting on it, I think in the next decade or two we’ll see a catastrophic war between the U.S. and China,” said Harvard Kennedy School’s Graham Allison, who is a former U.S. assistant secretary of defense. But in the immediate term, “I believe a year from now we will be surprised on the upside in the U.S.-China relations,” Allison said. BELARUSIANS GO TO THE POLLS: Belarus will hold another sham presidential election on Sunday, with longtime dictator Alexander Lukashenko sure to “win” in a landslide. Our colleague Sarah Wheaton caught up with Sviatlana Tsikhanouskaya, the exiled Belarusian opposition leader (and presidential election victor), in a Congress Center corridor. “Be prepared for the next moment of opportunity,” Tsikhanouskaya urged world leaders, and have a “strategy” to take advantage of the next potential tipping point when Lukashenko’s dictatorship could fall. “There will be only two alternatives for Belarus: Either somebody very pro-Russia like Lukashenko’s followers or it will be democratic forces,” she said. DATE FOR YOUR DIARY: Twenty years after Bill Clinton announced details of the first Clinton Global Initiative at Davos, details of this year’s CGI bash are out: The forum will take place Sept. 24 and Sept. 25 in New York, per a letter to the CGI community from Clinton. Topics will include AI, renewable energy and the challenges in rebuilding after natural disasters like the fires in California.
| | | | A message from IBM: Open-source AI is gaining momentum and has emerged as a critical differentiator for forward-thinking enterprises, with many recognizing open-source as a strategic imperative, not just a technology choice. A new IBM study reveals that companies leveraging open-source tools are not only innovating faster but generating measurable returns: 51% of companies who are using open-source AI tools report seeing positive ROI from AI vs. 41% of those not using open-source. Find out how to drive real ROI from AI and create real advantage for your business. | | | PROMENADE TALK DAVOS RULES: The promenade at this year’s WEF has changed a result of new rules curtailing who can rent out buildings or construct the temporary structures that are a feature of the town’s streetscape during the annual forum. One notable difference: The Filecoin Sanctuary, a popular space on the promenade during previous WEFs, was no more this year. Instead, the Filecoin Foundation rented a penthouse on the promenade to host events and guests — with visitors given branded merch like socks, hats, sweaters and blankets. And yes, the Filecoin stuffed toy corgi did make an appearance this year (dressed in blue tartan) — though you’d have to be very lucky to get your hands on one, given there were only a dozen or so handed out. KOSOVO DEBUT: The WEF featured a House of Kosova for the first time ever this year — and it was something else. The space was located away from the promenade (in a building co-owned by Kosovan businessman Esat Lika, who wants to redevelop it into a luxury resort, but has faced years of delays due to Swiss regulations.) Guests were shuttled up the mountain to the House in free vans from the Davos Platz. Inside, the huge space was adorned with paintings and photographs by Kosova artists, guests were served local wine and fine cuisine, and panels and speeches featured high-level government officials — including Prime Minister Albin Kurti. UKRAINE’S GOT FASHION: Ukraine House Executive Director Ulyana Khromyak championed avant-garde designers over the course of the World Economic Forum, as she sought to bring attention to her country’s burgeoning fashion industry. Top looks included a Yuliya Magdych vyshyvanka blouse adorned with sheaves of wheat (apt, given Ukraine is among the world’s top grain producers) and a Ukraine-blue Elena Reva jacket, which featured a military-inspired crossover back. Those who spoke on panels were presented with burgundy Rito knit scarves in a traditional Ukrainian pattern. SPOTTED: Playbook did a double take when we saw a white badge with the name “Kim Jong Chul“ on a WEFer on Thursday. But we had not spotted North Korean dictator Kim Jong Un’s big bro strolling the Davos promenade — it was his namesake, the chief strategic officer of HD Hyundai. SPOTTED: Fellow Bulgarians IMF chief Kristalina Georgieva and Member of European Parliament Eva Maydell heading to a bilat, immediately after Georgieva finished up a star turn on the Congress main stage on the Global Economic Outlook panel Friday. BIRTHDAY OF THE DAY: Ukrainian President Volodymyr Zelenskyy turns 47 today. PROGRAMMING NOTE: Global Playbook will be in your inbox next Thursday for some post-Davos thoughts and interviews. THANKS TO: Camille Gijs, Sarah Wheaton, Playbook producer Catherine Bouris, and all our tipsters over the past week. | | | | Follow us on Twitter | | | | Subscribe to the POLITICO Playbook family Playbook | Playbook PM | Global Playbook | West Wing Playbook | California Playbook | Florida Playbook | Illinois Playbook | Massachusetts Playbook | New Jersey Playbook | New York Playbook | Ottawa Playbook | Brussels Playbook | London Playbook | Paris Playbook
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