( CNN ) -- Europe , struggling under a debt crisis which has crippled the eurozone 's economy , is facing a `` lost decade , '' according to the head of manufacturing giant Hilti . Bo Risberg , chief executive of Lichtenstein-based Hilti , told CNN that Europe is in a critical condition and businesses are likely to face the impact for years to come . `` We will have a very difficult decade , a lost decade you can call it , '' Risberg said . `` Fundamentally there is so much austerity needed in order to get back into a reasonable debt situation it will [ continue to ] impact the economy in Europe . There will be some tough times ahead . '' Risberg -- head of a company which employs 20,000 people across 120 countries -- says Europe 's debt crisis can not be allowed to worsen . `` What we are seeing now in Greece is practically a default , with a 50 % write down [ on its debts ] , but we ca n't afford that in Italy , Spain and Portugal , '' said Risberg . `` We are just transferring from the more prudent countries to the countries that have big loans -- so it wo n't work . '' The European Central Bank , which has propped up struggling countries through the debt crisis by buying their debt in the open markets -- thus bringing down the cost of funding -- has come under pressure to do more to save Europe . But Risberg is wary about the ECB becoming more active . `` The answer is not to print money from the ECB , '' he said . Such a move would be `` dangerous , '' he added , saying the potential for hyperinflation would be catastrophic . Risberg said Europeans need to be accept the introduction of austerity measures , noting southern Europe 's economy will be `` in very bad shape '' for years to come . `` Those who are agile and flexibility will come out stronger in the crisis -- those who are not will not survive , '' he added . CNN 's Emily Smith contributed to this report .
Hilti CEO says Germany faces a ` ` ' opportunity '' as it struggles under its debt ceiling . Bo Risberg is wary of the EU becoming more active in opening up European economies . He says Europe needs to accept austerity measures .