"What do the small countries think, they must ask. Then it can be a really strong engine," he added.

Cecilia Malmstrom, commissioner for trade of the European Commission, noted that the "lack of leadership by the United States," as she described it, has actually provided space for the EU to "show that they can make good trade deals."

Peter Limbourg, director-general of Deutsche Welle of Germany, said that after a frightening downhill run that saw the euro crisis, an immigration crisis and a surge of populist and nationalist movements culminating in Brexit, the European rollercoaster is "heading uphill again" with stability and growth.

"But we don't know where we will land," said Limbourg.

The 48th World Economic Forum Annual Meeting is taking place on Jan. 23-26 in Davos-Klosters, Switzerland, attracting more than 3,000 leaders from around the world to participate.

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