José Manuel Barroso

I mean, today, business leaders, they are giving a much higher level of importance to geopolitical risk. I mean, for instance, I was in Davos as I've been for many years going there. And I mean, before, we were speaking about many kinds of operational risk, market risk, computational risk, all kinds of risk. But geopolitical risk was not top of mind. Now, it is top of mind. Yes.

I mean, today, business leaders, they are giving a much higher level of importance to geopolitical risk. I mean, for instance, I was in Davos as I've been for many years going there. And I mean, before, we were speaking about many kinds of operational risk, market risk, computational risk, all kinds of risk. But geopolitical risk was not top of mind. Now, it is top of mind. Yes.

Because, for instance, if you have a decoupling, Like what happened between the United States and Europe on one side and Russia on the other side after the Ukraine invasion by Russia. If something like that could happen with China, it will be, of course, I mean, radical change because China is one of the biggest economies in the world. So, in fact, now the way people are assessing risk is

Because, for instance, if you have a decoupling, Like what happened between the United States and Europe on one side and Russia on the other side after the Ukraine invasion by Russia. If something like that could happen with China, it will be, of course, I mean, radical change because China is one of the biggest economies in the world. So, in fact, now the way people are assessing risk is

in terms of supply chains, also in terms of investment flows, is very different the way they were looking at it, let's say, two or three years before.

in terms of supply chains, also in terms of investment flows, is very different the way they were looking at it, let's say, two or three years before.

That's a very difficult issue because, of course, for business leaders, what is important is, of course, to maximize profit. And that's what they are paid for by their shareholders. And I just say, no, we have a global responsibility. I believe both. We need both. I believe if you are a leader of a company, of course, you have to maximize revenue for your shareholders.

That's a very difficult issue because, of course, for business leaders, what is important is, of course, to maximize profit. And that's what they are paid for by their shareholders. And I just say, no, we have a global responsibility. I believe both. We need both. I believe if you are a leader of a company, of course, you have to maximize revenue for your shareholders.

At the same time, I think we need leaders to assume their social responsibility. Because we are, in fact, in a defining moment of our societies for the reasons we have been discussing, from demographic trends to the climate challenge to war that is going on in some parts of the world, including in Europe.

At the same time, I think we need leaders to assume their social responsibility. Because we are, in fact, in a defining moment of our societies for the reasons we have been discussing, from demographic trends to the climate challenge to war that is going on in some parts of the world, including in Europe.

We need to have the courage of those who are in some position of power, be it political power, be it intellectual power, to communicate and to share their vision. And I think if they do it with balance and intelligence, of course, I think that their voices will be heard.

We need to have the courage of those who are in some position of power, be it political power, be it intellectual power, to communicate and to share their vision. And I think if they do it with balance and intelligence, of course, I think that their voices will be heard.

I mean, today, business leaders, they are giving a much higher level of importance to geopolitical risk. I mean, for instance, I was in Davos as I've been for many years going there. And I mean, before, we were speaking about many kinds of operational risk, market risk, computational risk, all kinds of risk. But geopolitical risk was not top of mind. Now, it is top of mind. Yes.

Because, for instance, if you have a decoupling, Like what happened between the United States and Europe on one side and Russia on the other side after the Ukraine invasion by Russia. If something like that could happen with China, it will be, of course, I mean, radical change because China is one of the biggest economies in the world. So, in fact, now the way people are assessing risk is

in terms of supply chains, also in terms of investment flows, is very different the way they were looking at it, let's say, two or three years before.

That's a very difficult issue because, of course, for business leaders, what is important is, of course, to maximize profit. And that's what they are paid for by their shareholders. And I just say, no, we have a global responsibility. I believe both. We need both. I believe if you are a leader of a company, of course, you have to maximize revenue for your shareholders.

At the same time, I think we need leaders to assume their social responsibility. Because we are, in fact, in a defining moment of our societies for the reasons we have been discussing, from demographic trends to the climate challenge to war that is going on in some parts of the world, including in Europe.

We need to have the courage of those who are in some position of power, be it political power, be it intellectual power, to communicate and to share their vision. And I think if they do it with balance and intelligence, of course, I think that their voices will be heard.