World Economic Forum series of research reports and engages its members in sector-specific initiatives. There have been many other international conferences nicknamed with "Davos". However, the World Economic Forum objected the use of "Davos" in such contexts for any event not organised by them. This particular statement was issued on 22 October 2018, a day before the opening of 2018 Future Investment Initiative (nicknamed "Davos in the desert") organised by the Public Investment Fund of Saudi Arabia. The WEF was founded in 1971 by Klaus Schwab, a German-born business professor at the University of Geneva. First named the "European Management Forum", it changed
St. Petersburg International Economic Forum economic system to be maintained. The ongoing global economic crisis had confirmed the need to abandon standard approaches and required collective, nontrivial solutions to be adopted. Forum participants discussed new approaches to understanding the future of international financial institutions, the prospects for development of the banking sector, the efficiency of measures taken by governments and other equally important issues. Special attention was paid to Russia's role in solving these problems. The Forum was attended by representatives of the world political and business elite, and leading economists and experts. What were the peculiarities of the situation in the economies and banking