(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 cannot 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 can'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 won'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.
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