Over two-thirds of people believe the current economic crisis is also a crisis of ethics and values. But only 50% think universal values exist. These are among the findings of the World Economic Forum’s Faith and the Global Agenda: Values for the Post-Crisis Economy, an annual report on issues related to the role of faith in global affairs.

The report contains a unique new public opinion poll on values conducted through Facebook. The poll reached over 130,000 respondents in France, Germany, India, Indonesia, Israel, Mexico, Saudi Arabia, South Africa, Turkey and the United States.

Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, said the report underlines the need for a set of values around which our global economic institutions and mechanisms of international cooperation must be built: “Our present system fails to meet its obligations to as many as 3 billion people in the world. Our civic, business and political cultures must be transformed if we are to close this gap. This is why the World Economic Forum is bringing world leaders representing all sectors of society together at the Annual Meeting in Davos-Klosters to rethink values underpinning the global system of cooperation.”

The poll results point to a trust deficit regarding values in the business world. Only one-quarter of respondents believe that large, multinational businesses apply a values-driven approach to their sectors, while over 40% believe that small and medium-sized businesses apply such an approach.

When asked to identify the values most important for the global political and economic system, almost 40% chose honesty, integrity and transparency; 24% chose others’ rights, dignity and views; 20% chose the impact of actions on the well-being of others and 17% chose preserving the environment.

“The economic and financial crisis is an opportunity to re-articulate the values that should underpin our global institutions going forward,” said John J. DeGioia, President of Georgetown University, USA. “The world's religious communities are critical repositories of those values.” The Report is produced in collaboration with Georgetown University.

On 14 January the World Economic Forum released Global Risks 2010, its annual report on the most significant and underlying global risks facing the global economy this year and beyond. The report argues that the events of the past year have revealed a fundamental need to change thinking on global risks and how they are managed. With unprecedented levels of interconnectedness between all areas of risk, the report stresses that the need to combat governance gaps globally is greater than ever. It argues that this can only be addressed by an overhaul of current values and behaviours by decision-makers to improve coordination and supervision.

Robert Greenhill, Managing Director and Chief Business Officer at the World Economic Forum, said Global Risks 2010 underlines the challenges ahead: “The findings of the report confirm that we must face up to the challenges created by these unprecedented levels of interconnectedness between risks. The financial crisis and the ensuing recession have created a more vulnerable environment where unaddressed risks may become tomorrow’s crises.”