DAVOS - The World Economic Forum opened in the Graubuenden resort with the usual mix of heads of government, chief executives and NGOs. Swiss hosts used their home meetings to argue for stable trade and a calmer energy market after two winters of scare headlines.

For the town the event is still a disruption dressed as a compliment. Hotels fill, Alpine roads close in sections, and local shops live on a week of receipts they will quote until Easter. Police described the first day as orderly.

A Swiss pitch

Federal officials stressed that Switzerland would keep its bilateral path with the EU and its role as a financial centre under tighter post-Credit Suisse scrutiny. Delegates asked the same question in different accents: how does a country this small insure itself against other people's shocks?

The forum's public sessions on climate and AI ran in parallel with private dinners that do not appear on the programme. That, too, is a Davos tradition.