Destructive Creation – Lessons from the Financial Crisis and the Future of Europe
At the Reichmuth & Co Lecture No. 8, Dr. Josef Ackermann, Chairman of the Board of Directors of the Bank of Cyprus, spoke on the topic "Destructive Creation: Lessons from the Financial Crisis and the Future of Europe".
In his closing remarks, Dr. Ackermann emphasized the importance of the European Union and the European Monetary Union for future generations. He posed the crucial question of whether these institutions would be seen as “creative destruction” or “destructive creation”. While a definitive answer remains to be given, he stressed that the latter scenario would mean a historic catastrophe for Europe. The continent, which once drove the Enlightenment and industrialization and is considered the cradle of Western culture, would lose importance globally, especially compared to the major players, the United States and China. Ackermann stressed that Europe was condemned to unity for the good of its citizens, a necessity that had become all the more urgent after Brexit. However, what was needed was not so much institutional unity as ideal unity.