【正文】 f a possible collapse of the Eurozone39。s financial system. Such an oute would have set off a new round of recession in Europe and might have dragged the world financial system back to the depths reached 12 to 18 months ago or worse. Some critics still view the overall stabilization package, which left many details vague, as a shortterm fix that ultimately will fail to address deep public and private debt levels, pressing fiscal deficits and persistent internal and external trade imbalances. One explanation for why Europe39。t think about what should be done in case one or more countries actually get into trouble. They didn39。s just the nature of it. I think it is a good time to start thinking about the right institutions and mechanisms at those levels, which can respond to these types of crises in an effective fashion. And that39。s that too big to fail type of concept applied in a slightly different way. Guill233。s why at the beginning I was saying you also have to take into consideration the political cost or the political benefits or both of doing things in a particular way. Greece, first of all, what it needs is to tell the truth. It hasn39。t want to single out Greece as being institutionally a disaster. But it seems to be that there are a lot of things in Greece that are not working if you try to impose [a solution] from outside it may not be that39。t really make sense and without [having] a mon social system doesn39。s not very likely because all it would take for the whole thing to be saved is for the Germans to send a very clear signal that they are not going to let that happen. If things get bad enough in the next two or three months that there is a danger that I don39。s [earnings] results declared very recently, or IBM39。s no choice. The other point I want to make is that there is a shortterm consideration, a midterm consideration, and a longterm consideration, which has been implicit, right? Yes, Merkel party suffered a major defeat in regional elections last weekend], which will make it hard for her to govern from Berlin and Germany as a whole. But there are much larger implications here for the system. If it es down to it, that notwithstanding, her focus will be on saving the German economy by saving the EU. I think the point here is how can we achieve that integration in a meaningful way? It would be easy if all new entrants, if the weaker economies in Europe including the Eastern European ones, were also faltering at this stage to make the argument that the whole EU and the euro is a failed experiment. But it39。s president, his thoughts on what lies ahead for his countr y39。s banking sector has an extremely short one. Since the end of the planned economy until now, it hasn’t even been 30 years. As banking is a developing sector, the supply of talent has been a real challenge. One thing we have done to face the challenge is that we’ve looked abroad, mainly in Asia for highlevel management in Taiwan, Hong Kong, and Singapore. This has been especially true for our credit card and private banking businesses. Mainland China doesn’t really have any experience with either of these businesses. The main reason I looked to Taiwanese managers is because they have already developed these businesses from the ground up, so they are able to do it here with fewer missteps. They’ve all received Western educations and have innovative mindsets. When Taiwan was under Japan’s control, a lot of Taiwanese panies got a lot of experience with Japan’s detailoriented management style. Furthermore, they understand China’s culture, so this makes it much easier to municate with them. Second, we run a “future managers”program five times a year to recruit students at top universities in China and abroad. We put them on the floor and behind bank counter so they understand how our business is done at the most basic level. Afterwards, depending on their specialization, they receive morefocused training. After about two years, they take on a real leadership position and bee a in the bank’s growth. Third, for our employees who have been with us longer, we provide continuous training through our CMB University. We make use of overseas schools, including Singapore’s Nanyang School of Business, Britain’s Cambridge University as well as domestic schools, such as those in Peking and Qinghua, to train our is tremendous petition for talent, and if you want to keep your best people, an optimal pensation system isn’t enough. You need to build your own culture. Our employees really believe in our culture and love the bank. They are also excellent at execution and this has been one of our greatest strengths. Employee turnover is fairly low, and that has been a point of pride. Competitors have tried to woo away some of our talents, because they are the best. But at a good pany, the loss of a few managers won’t bring down the whole business. Ma: A lot es from conversations, which are also a form of study. If you want to take a certain responsibility upon yourself, you have to study. You don’t bee the head of a bank because you are a bureaucrat but because what you know is a little bit more than the next guy, including young people. You got to know as much Inter language and gossip as you possibly can if you want to keep up with your younger employees. That’s a must. You have to know the trends in every sector, because we have every type of client. For example, in private banking in China, you must cultivate the wealthy as your clientele and to do so you need to know their tastes. Do you know what they’re wearing? What watches do they wear, what wine do they drink, what car do they drive, what type of art they enjoy, or literature and fine arts they fancy? Let39。m expecting it to fluctuate within a small band. But behind house prices is a currency phenomenon wit