Davos, Switzerland (CNN) – Mark Spelman, head of strategy at Accenture, says emerging markets are spurring innovation.

“I can point to retailers and consumer goods companies who I think are bringing innovation to many emerging markets, through supply chains, through the way they’re addressing consumer preferences in local markets,” he told CNN’s John Defterios.

“But at the same time, you’re seeing a lot of innovation taking place in emerging markets,” he added. “Look at Indonesia, with 50% of the population under 29, real innovation using social media, and that’s going to be leveraged elsewhere.”

But he admitted that harvesting the vast quantities of data generated from social media in emerging markets would be a challenge.

“We’re going to see an absolute explosion of data … we’re either going to drown in data or we’re going to be able to manage it in a way that gives better quality decisions,” said Spelman.

“Managing that data, whether it’s data about your customers, about what’s happening in your supply chain, is going to be absolutely critical if you’re going to be successful at being able to take advantage of a lot of the growth that's going to appear in emerging markets.”

Mexican President Felipe Calderon, head of the G20 group of countries, brandished the word with gusto at the World Economic Forum in Davos, declaring “we need to take out the bazooka immediately before the powder gets wet.”

Calderon compared the European situation to the economic crisis in Mexico in 1995. That crisis – referred to as “the first financial crisis of the twenty-first century” – exploded after a boom time and the influx of capital. The country was then bailed by the International Monetary Fund, and another country’s money – in this case the U.S. So far, so familiar.

Calderon pointed to the return of confidence that followed the international aid package, noting the same needed to occur in Europe. “The problem is not the money, the problem is the confidence,” he said.

And this is true. The capital markets - the investors who dictate the price of eurozone’s funding costs - have been losing confidence in the bloc’s ability to create a viable route out of the crisis. Hence, the rising costs of funding Italy; and the unrealistic funding costs of Greece, Ireland and Portugal (check our eurozone crisis map for details).

The world now knows the bazooka entails saving Greece, and building a firewall around Italy so the eurozone’s third largest economy doesn’t collapse the entire bloc. The target is clear. But where’s the weapon?

The bazooka had a flirt with the capital markets last year, when there was speculation Europe’s bail-out fund would be turbo-charged into a pot of EUR1 trillion. Markets rose on that idea, but then retreated when it was clear it had stalled.

Now, the fiscal compact is to be the savior of Europe. But still the funding costs of troubled eurozone countries remain unpleasantly high and the deal is far from signed off.

Pressure has been building on the European Central Bank to increase its sovereign debt buying program, but its president Mario Draghi gave no indication that was going to happen when he spoke at the forum. Instead, he pointed to the need for European countries to trust each other. The fiscal compact, he noted, was a “the first step, though timid, though hesitating, toward a fiscal union.”

But even if the ECB massively increased its buying program, would that be a bazooka?

Perhaps German Chancellor Angela Merkel said it best in her opening speech. Referring to the increasing funds being injected to the eurozone’s bail-out funds – and with clear frustration - she said: "People say it has to be double, then it has to be triple, then we will believe you."

Davos, Switzerland (CNN) – Indian IT giant Wipro is expanding globally to avoid feeling the heat of any slowdown in its top markets – primarily the United States and Europe. But Wipro Chairman Azim Premji said he is not worried about the pace at which those economies are recovering.

“Irrespective of all the slowdown you hear about vis-a-vis the global economy as far as IT is concerned demand is still strong, particularly for global partnering,” Premji told CNN’s John Defterios.

“I think partly it is determined by the fact that U.S. companies are full of cash flow, they’ve established relationships and are growing relationships with global companies, and they’re willing to invest in transformational projects, keep-the-lights-on projects,” he added.

Premji, who is India’s fifth-richest man, says most estimates are for the IT industry to grow about 15% in 2012. He added that emerging markets were helping to drive growth and innovation for Wipro.

He said: “Some of our highest growth markets are outside the Western world, including India, including the Far East, including the Middle East, and what we’re doing is very, very significant reverse innovation in India, custom made to the domestic requirements of the emerging markets."

(CNN) - The delegates’ energy levels may be flagging, but there’s still plenty to get excited about on day three of the World Economic Forum, which begins with a report from the crucible of the Arab Spring by Hamadi Jebali, Prime Minister of Tunisia.

Jebali will then join Moroccan Prime Minister Abdelilah Benkirane and Egyptian presidential candidates Abdel Moneim Aboul Fotouh and Amre Moussa for a discussion of the future of governance in North Africa.

Israeli Deputy Prime Minister Ehud Barak will join Yukiya Amano, Director-General of the International Atomic Energy Agency, for an interactive session on how the world would respond to the news that Iran had successfully developed a nuclear weapon. And the heads of the Organization for Economic Co-operation and the United Nations World Food Program, Angel Gurria and Josette Sheeran, will join Sweden’s Minister of Finance, Anders Borg, for a televised debate on an issue which has been at the very heart of Davos 2012: fixing capitalism.

Blog: Is capitalism outdated?

Another of the forum’s hot-button issues will be explored when the three European finance ministers gather to discuss the future of the eurozone. Germany’s Wolfgang Schaeuble, France’s Francois Baroin and Spain’s Luis de Guindos Jurado will discuss the ways they hope the eurozone economies might emerge from the current crisis.

Map: Europe in crisis

The spotlight will then shift to a country facing far greater hardship when Haitian President Michel Joseph Martelly speaks on rebuilding his homeland, two years after an earthquake killed hundreds of thousands and left over a million people homeless.

Shortly before lunch, U.S. Secretary of the Treasury Timothy Geithner will participate in a discussion on the outlook for the U.S. economy, chaired by CNN’s own Fareed Zakaria.

Zakaria: Global Public Square blog

In the afternoon, the UN Secretary-General Ban Ki-moon will join the CEO of Petrobras, José Sergio Gabrielli de Azevedo, and Nigeria’s Minister of Petroleum Resources, Diezani K. Alison-Madueke, for a session on ending energy poverty to unlock economic potential. Then Eric Schmidt, executive chairman of Google will share his thoughts on how the digital revolution might accomplish the same thing.

Later, the prospects for peace in the Middle East will be discussed in an interactive session featuring Israeli President Shimon Peres and Palestinian Prime Minister Salam Fayyad.

German Chancellor Angela Merkel, British Prime Minister David Cameron and European economics commissioner Olli Rehn -– just about any leader in Davos - is now saying that time is of the essence –- that it is time to actually sort out the eurozone's problems. Forgive me. What on earth have the European leaders been doing and promising over the past three years?

Map: Europe in crisis

It is strange that now as we enter a new year they believe 2012 is the right moment to actually take the necessary decisions and implement the changes. And yet they were saying similar things in 2011, in Davos. So it is entirely understandable if we are now skeptical that they have the willpower and ability to put things right.

The rest of the world is furious with the Europeans and are now letting them know in no uncertain terms. Canada’s finance minister is frustrated. Juan Somavia of the ILO is furious. Viviane Reding of the Commission agrees it's time to act. Jamie Dimon of JPMorgan Chase, Bob Diamond of Barclays… so on and so on. Everyone says it's time to get on with it.

So what’s stopping them? The usual rhetoric of 27 national governments, different agendas and a load of hot air.

Nothing has changed in the reasoning since last year except the European dithering has made a bad situation worse.

I suppose we should be grateful for small mercies that at last the leaders are saying “now is the time." But before I put any money on their success, I want to see them act.

Davos, Switzerland (CNN) - It is perhaps not surprising that in a gathering of the elites at Davos, the issue of bankers’ bonuses is never far from the delegates’ minds.

But unlike in recent years - a time when bankers showed remorse over their high pay packets - there seem to be noises of a fight back.

Because with profits strong, the banking bonus culture is back - to the annoyance of many including the British Prime Minister David Cameron and the Governor of the Bank of England, Sir Mervyn King.

As they get ready to hand out the billions of dollars in extra reward, the critics are again saying this is unjust enrichment. Even more so, at banks like the Royal Bank of Scotland, bailed out and now majority-owned by the UK Government. The UK government appears to have got its way in ensuring RBS boss Stephen Hester’s bonus is slashed from GBP2 million to the benchmark of under GBP1 million (GBP963,000).

At Davos, I asked Barclays CEO Bob Diamond about the issue. He said it was all about "pay for performance." Diamond is not planning to offer up any concessions in his own bonus this year, which could be more than $15 million if reports are accurate. Instead, Diamond robustly said "every time I hear a political leader mention the eradication of pay for failure, I would like to hear them talk about the rewards for success."

He acknowledged that compensation will be down in the industry this year, and that he had to be "sensitive to the environment. "

Jamie Dimon, CEO of JP Morgan Chase, also recognizes the need to be sensitive. "People are angry because of lot of people in Wall Street made a lot of money as companies went down the tubes. And I agree with them." Calling it "a total disgrace," he defends his bank’s policy. "We have never had special severance packages. We’ve always looked at results over a long period of time."

This is unlikely to satisfy policy makers like Michel Barnier, the European Commissioner responsible for financial services, who says not enough has been done. He told me he’s hoping to introduce new regulations on compensation by the end of the year - something that will be deeply unpopular in the City of London, and confirm financiers’ view that Barnier is no friend of finance.

The arguments this year are not new and no stronger than previous years. It can be difficult to justify why people in the financial world get such large bonuses. In this morning’s Financial Times, John Gapper suggested "perhaps you simply get to eat a lot of chocolate if you work in a chocolate factory," which is unfortunately a statement that seems to be true.

I believe Bob Diamond will be sensitive to the environment, but it may not be enough for the vulture critics, waiting to attack the bonuses being handed out. I do wonder if the financial world has learned nothing from the past three years. Bonuses are all well and good, but at a time when so many are suffering from austerity - losing their jobs, worrying about paying the bills - a bit of gratitude, rather than greed, would not go amiss.

The CEO of one of India’s leading IT companies has said that Europe remains key to his organization, despite Europe’s economic woes.

SD Shibulal, CEO of Infosys, told CNN’s John Defterios that Europe provided 23% of his company’s revenue.

“As far as we are concerned we continue to see Europe as a major market for us,” he said. “We will recruit 500 people in Europe alone in the next nine to 12 months. Europe is a good opportunity for us.”

He added that Western companies will need to innovate if they are to make the most of emerging markets.

“India has an emerging middle class of 300 million people, they want goods, they want services," Shibulal said. "So many corporations, not only from Europe, from anywhere else in the world, are looking at these emerging markets as growth opportunities.”

He added: “When a corporation comes to China and India to sell a product today, if you look at the products they are quite expensive. Countries like India are looking for products that are affordable, durable, relevant to the market.

“So corporations will have to create products which are relevant to the market.”

Sakyra, Turkey (CNN) - Turkey has in the past focussed its trade on Europe, but with Europe's growing economic woes and a new political era in the Middle East, Turkey is slowly turning its political and economic attention east.

Orhan Ozer is president and CEO of Toyota Turkey. He told CNN’s Rima Maktabi: “Turkey has lots of advantages in respect of the geographical advantages, in respect to the location of the country at the middle of Europe, Middle East – even Central Asia.”

“Also the population is young, they are very dedicated, qualified, experienced and they are very ambitious for their work,” he added

Toyota Turkey exports almost exclusively to Europe – mainly to Germany, Italy, France, Spain and the UK. Likewise, in the first half of 2011, almost half of Turkey’s exports were to the EU. But with an ailing European market and a European Union that refused Turkey as a member, Ankara's government has looked to new markets – to the east.

“Starting from the republic until the 1990s, beginning of 2000, Turkey was just looking at the West,” said Sabiha Gündoğar, director of the foreign policy program at the Turkish Economic and Social Studies Foundation.

“It is still important but it is not the only foreign-policy goal for Turkey,” he added. "Turkey started to discover, and I can say now it discovered, and is improving its relations with its neighbors, be it the East, be it the more South.”

In 2002, Asia's foreign direct investment in Turkey totalled $1 billion; in 2010 the number jumped to $18 billion. During a recent visit to Ankara the Malaysian PM Najib Razak agreed with his Turkish counterpart to set a new target for bilateral trade, raising it from its current $1.3 billion to $5 billion.

This Asian-Turkish economic connection is welcomed by big conglomerates like Dogus group, a Turkish firm that focuses on everything from financial services to media operations.

“We are receiving investment appetite from Far East, not recently from the neighboring countries, or the near East, but we are receiving some interest from the Far East, like Korea, Indonesia, India, even China,” says Dogus Group executive vice president Levent Veziroglu.

But Turkey is also reaching out to politically unstable countries in the Middle East. In October 2011, Turkish Prime Minister Recep Tayyip Erdogan led a delegation of more than 200 businessmen on a tour of Egypt, Tunisia, and Libya - countries trying to find stability and help in rebuilding.

“We know the region, we know the culture, we have some historical ties with those countries, so it’s very natural if we see the Turkish economy will expand its limits towards those countries,” said Veziroglu.

The second day of the relentless Davos schedule launches with one of the world’s wealthiest men and best-known philanthropists, Microsoft founder Bill Gates, taking part in a discussion on food security. In the evening, he will return to moderate a conversation with Mexican President Felipe Calderon on the role of the G20 in tackling the global economic crisis.

Map: Europe in crisis

Facebook’s chief operating officer Sheryl Sandberg will form part of a panel on the way technological advances are driving economic growth and employment, and World Bank president Robert Zoellick will feature in a session on how development can continue without destroying the ocean. Pascal Lamy, director-general of the World Trade Organization, will take part in a discussion on China’s new role as world’s lender of last resort, and how the country can best deploy its massive current account surplus and private capital without triggering a backlash.

Former British Prime Minister Gordon Brown will chair a discussion on Africa’s future with the President of South Africa, Jacob Zuma, and Alpha Condé, President of Guinea. Soon afterward, Brown’s successor David Cameron will give a special address to delegates before lunch.

Mick Jagger: I'm no 'football'

Another impressive line-up of leaders will assemble in the afternoon, when Finnish Prime Minister Jyrki Tapani Katainen, Irish Taoiseach Enda Kenny, Polish President Bronislaw Komorowski and Danish Prime Minister Helle Thorning-Schmidt gather to discuss Europe’s future. Aspiring leaders will also take the floor, including Amr Moussa, former Secretary-General of the Arab League and Egyptian presidential candidate, who will address how leaders can make better decisions under pressure.

But the discussions aren’t purely focused on economics and matters of state. Brazilian writer Paulo Coelho will make a literary presentation, French filmmaker Luc Besson will speak on the power of film to inspire action, while his countryman, the street artist JR – best known for his vivid works in Brazilian favelas, Kenyan slums and other unlikely settings – will discuss how divided communities can be reconciled through art and sports.

The sporting theme is continued in a session on the forthcoming London Olympics, featuring Jacques Rogge, president of International Olympic Committee, London Mayor Boris Johnson, and Lord Sebastian Coe, chair of the Games’ organizing committee and a double gold medal-winning Olympian himself.

Ten years from now Qatar will make history as the first Middle Eastern country to host the football World Cup.

Qatar's ruling Al-Thani family has laid out a detailed strategy for its capital city, Doha, and a vision for spending the country's hydrocarbon wealth in a sustainable fashion. They see the World Cup as a key step in the region’s development.

This week on Future Cities, CNN’s Richard Quest sees how sport is the perfect economic tool to put an emerging nation on the global stage.