Reporting and opinion by Mathew Carr
Jan. 20-21, 2026–Donald Trump has not even spoken at the Davos meeting this week yet (that’s today/Wednesday)…but a probable neat summary of this week’s outcome has already hit the airwaves.
Panelists at a Financial Times event there were asked what they expect out of the Davos event, implying the meeting, or perhaps the world, was a “mad house”.
One hopeful speaker Neeraj Kanwar, MD of Apollo Tyres, said:
“That we’re in this world to make it a more peaceful house to begin with, and for governments to try and see find a solution on how to co exist … because we are one world, and we should live like a one world and make life easier for every one of us and for the future generation.”
Then his hope was immediately dashed by this ( *banker type? My opinion here on her “type” is based purely on her comments here …she’s probably lovely, actually ha!):
Maria Vassalou, Banque Pictet:
“I hope that people realize — it’s not a positive message — but the peaceful … globalized free-trade world is behind us, and it’s not coming back.
“And I hope that Europe realizes that it needs to get its act together now. It has no time to waste, and if it doesn’t invest in its future now, it’s going to shrink and become much less relevant going forward. And I hope the earlier this … sinks in, the better.”
Strangely, the FT guy then said this: “We’ll have to end on that note. Good message to send out to the world.”
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*I earlier described Vassalou as a bullying banker type.
A few hours ago she messaged to say that my framing was “off”.
“You quote me accurately but your characterization as a ‘bullying banker’ is off. I am a pragmatist and I want Europe to be strong and prosperous,” she said.
I decided to adjust/update this story, above and below.
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WTF?
Europe’s effort at climate and nature protection …and better regulation of out-of-control corporations and banks … was effectively dismissed by Vassalou…the EU region needs reckless, high-emitting investment on piles of debt …like the US has done re AI…and widespread deception and propaganda by the media/military industrial complex to be strong …is her implication.
Total is nonsense, I say….or at least it should be.
I’m less certain than I was that the world will eventually follow Europe’s lead toward sustainability. Yet, it should and it should from this day forward.
Notes
Maria Vassalou
Head of Pictet Research Institute @ Banque Pictet & Cie SA
Dr. Maria Vassalou joined the Pictet Group in January 2024 to build and head the Pictet Research Institute, a resource for Pictet Group which focusses on long-term strategic research topics ranging from macro and geopolitics to portfolio implementation issues.
Prior to joining Pictet, Dr Vassalou was the co-Chief Investment Officer of Multi-Asset Solutions (MAS) within Goldman Sachs Asset Management and a member of the MAS Investing Core, where she managed group-wide investment policies, research, and investment resources.
Dr Vassalou was a partner and portfolio manager at Perella Weinberg Partners, where she ran the global macro business based on her own quantitative global macro strategies.
Previously, Dr Vassalou was a global macro portfolio manager at SAC Capital and Head of Global Macro Investment Strategies at Soros Fund Management.
Before her career in asset management, Dr Vassalou was an associate professor of finance at Columbia Business School.
She also served as President of the European Finance Association and was a research affiliate of CEPR. Dr Vassalou served on the Board of Directors of Tsakos Energy Navigation and Titan Cement International.
She is a member of the Board of Overseers of the Gennadius Library at the American School of Classical Studies at Athens.
Maria Vassalou earned a BS in Economics from the University of Athens and a PhD in Financial Economics from London Business School.
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Event’s pitch
The global economy is splintering into more competitive blocs as geopolitical tensions, trade disputes, and regulatory divergence replace decades of integration. Trade between rival powers is slowing, investment is being redirected along political lines, and supply chains are becoming tools of state strategy. Currency competition and divergent regulatory approaches are reinforcing these divides, while industrial overcapacity adds further strain. Yet, amid this fragmentation, the world economy remains unexpectedly resilient — a system both adaptive and fragile. How can policymakers, investors and businessmen navigate an era where economic power is increasingly local, political and contested?
- How is the shift from globalisation to “bloc-isation” altering trade, investment and growth?
- What are the long-term implications of monetary and regulatory fragmentation for global markets?
- How are companies adapting supply chains to balance resilience, cost and geopolitical risk?
- Can competing blocs coexist without undermining global stability and innovation?
- What policies can preserve open markets while addressing national security concerns?