The World Economic Forum in Davos is a kind of annual stocktaking for international political, business and financial leaders. This year’s forum is convening after a year in which Russia has fallen out of the international system and the US has plunged back into war in the Middle East.

This year’s Davos will also focus on problems closer to its Swiss home. When the WEF met last year, the general mood was one of cautious optimism about Europe. Delegates are reconvening in 2015 at a time of growing anxiety about a possible resurgence of the euro crisis. The fact that Greece will be holding crucial elections on January 25, just as the forum comes to a close, ensures that events in Greece and their implications for the euro will be a hot topic in the Davos corridors.

That discussion will illustrate the close connections between the future of the European economy and the re-emergence of political radicalism in Europe. Tensions between Europe’s Muslim population and wider society will also influence the discussions at Davos — following the recent terrorist attacks in Paris, the anti-Islamisation demonstrations in Germany and the rise of anti-immigration parties in countries such as Sweden, Denmark and the UK. The average Davos delegate is rich, politically mainstream and in favour of immigration, so the rise of the political extremes across Europe will be a major source of concern.