In Davos-Klosters, Switzerland, world leaders met yesterday in record numbers, on the first day of discussions seeking resolutions to the "worst financial crisis in eights decades".

Group chief executive of South Africa's Transnet and co-chair of the annual meeting, Maria Ramos, said that the re-examination of values and the institutions that underpin them was key to moving forward.

Founder and executive chairperson of the World Economic Forum (WEF), Professor Klaus Schwab, said that the world was in the midst of a "transformational crisis". He explained that leaders need to firstly help manage the crisis, and secondly shape the post-crisis world. Only with longer-term perspectives could trust in the economic system and its future be recreated.

More that 2 500 participants from 96 countries were participating in the annual meeting, themed "Shaping the Post-Crisis World". Heads of state and key finance, foreign affairs, trade and energy ministers joined heads of non-governmental organisations, social entrepreneurs and business leaders of the WEF's members in discussion.