“It doesn’t work without a fiscal union”

Erste Group President Bernhard Spalt and AUA President Alexis von Hoensbroech invited the United States of Europe to include a fiscal union. Europe cannot react to every crisis with contraceptives and establish a small country, while the United States and China show unity, especially in difficult times. So Europe is losing its competitive edge.

Managers, two crises. Mr. Spalt, Erste Group has been practically a victim of the financial crisis. Mr. Von Hoensbroech, AUA has been affected by the current crisis. What lessons did you learn from each crisis?

Bernard Spalt: Everything stands and falls with good contingency plans. We’ve seen that now too. We have all been able to change the way we work and operate. The art of risk management must be prepared for changing conditions.

What is the manager’s experience in such a crisis?

The difference: You can see that countries have switched to country mode instantly. This was also the case at the time with the financial crisis. The free movement of capital was restricted, borders were closed. Everyone has set up their own little garden fence. It appears to be a reaction to the contraceptive crisis. But this does not help.

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