Are our current institutions and global governance architecture sufficient to solve the new challenges the world is currently facing?

According to Lee Howell, an executive of the Switzerland-based World Economic Forum, the existing institutions and systems around the world, created in the 20th century, are no longer capable of dealing with today's challenges. These have been triggered by multiple geopolitical, economic and environmental crises, as well as newly emerging issues involving innovative technologies.

That is why it is important to have conferences like Davos, Howell said in a recent interview in Tokyo, referring to the WEF's annual meeting in Davos, Switzerland. The meeting will see some 3,000 global leaders from politics, business, academia and nongovernmental organizations gather to discuss pressing issues across different sectors.