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. Last Updated: 07/27/2016

Reforms Divide Davos Delegates

DAVOS, Switzerland -- As they concluded their talks on the global economy, world leaders agreed that reform is needed but are divided on what shape it should take.

The World Economic Forum, with an attendance this year of 1,600 political and business leaders, came to a close Tuesday, the sixth day of discussion on issues ranging from business on the Internet to the role of the International Monetary Fund in aiding world economies.

On Monday, German Chancellor Gerhard Schr?der and U.S. financier George Soros added their voices to the calls for reform.

"Only a global economic system that fires the creative energy of the people and is at the same time geared to social and economic targets can build a foundation for sustainable prosperity," Schr?der said.

Soros said it is time for the IMF to become more of "a lender of last resort" because the contagious effects of financial crises in Asia and elsewhere appear under control. "The wrecking ball has stopped swinging," he said.