2022

The New Abnormal - Are All Our Old Assumptions Gone?

Helsinki, 30 June - 2 July

The EBLC 20th Anniversary Northern Light Summit took place in Helsinki at a historic time. There is a war in Europe. Finland and Sweden had just been admitted as candidate members to NATO. 

The Northern Light Summit gathered participants to discuss geopolitics and the direction of current developments of international affairs. In addition, discussion topics included supply chain trouble, the possibility of stagflation in the West, green transition and the challenging relationship of technology and democracy. 

Speakers and participants included Jamie Dimon, CEO of JP Morgan, Pekka Haavisto, Minister for Foreing Affairs, Finland,  Søren Skou (Maersk), Megan Greene (Harvard), Martin Wolf (Financial Times), Pekka Lundmark (Nokia) and Bob Sternfels(McKinsey). Dr. Henry Kissinger sent his regards to the participants of the EBLC Northern Light Summit via video.

The main takeaways were:

1. Geopolitics I: Freedom must be defended.

2. Geopolitics II: Defence is not enough. The West must open the Black Sea for grain exports.

3. Good Scenario for the World Economy: Significant slowdown. Inflation under control.

4. Bad Scenario for the World Economy: Stagflation. We are in deep trouble.

5. Green Transition: we cannot even agree on the definition of Net Zero!

6. Good News: The technology and the money for containing climate change already exists.

7. Decoupling between China and the West? We simply cannot afford it.

8. Africa is facing a lost generation. Many are blaming us.

9. India will be the growth story of the next decade, but it will not be all sunshine and rainbows.

10. America today (“Episode Six”):

”The best lack all conviction, while the worst

Are full of passionate intensity.”

(William Butler Yeats, The Second Coming, 1919)