Political Leaders Urge Against Protectionism at Davos Meeting

(30 January ’09-RV) At the World Economic Forum in Davos, Switzerland Europe's biggest bank, HSBC, said fair value accounting and capital adequacy rules had worsened the financial crisis and called for a new set of principles and rules to boost financial market transparency. Also in Davos political and corporate leaders heard calls for them to remember the poorest of the world's poor, in the rush to rescue the global financial systems. The Director of the Acton Institute for the study of Religion and Liberty’s Rome office, Kishore Jayabalan told us the Forum is offering an occasion for political leaders to develop a new appreciation for free trade…