The mini-Davos of Italian bosses heckled by electoral fever

Sharp rise in borrowing rates, explosion in energy costs, war in Ukraine and political turbulence: this explosive cocktail worries Italian bosses, many of whom regret the imminent departure of Mario Draghi, a guarantor in their eyes of stability and credibility .

The overflowing enthusiasm felt a year ago at the last mini-Davos organized by The European House-Ambrosetti in Cernobbio, on the shores of Lake Como, gave way to a diffuse concern that gripped the elite of the Italian industry.

“Changing the head of government in this context of geopolitical crisis without waiting for the end of the mandate in the spring of 2023 is madness,” laments Andrea Costantini, executive vice president of the Agrati group, which manufactures components for industry. automobile.

“Looking at the party programmes, I think that 90% of Italian entrepreneurs would have preferred Draghi to remain in government. He gave us high visibility and security for investments,” he notes.

The most worrying electoral promises are, according to him, the “single-rate tax financed by debt” proposed by the rights, i.e. 15% for Matteo Salvini’s League and 23% for Silvio Berlusconi’s Forza Italia, “which could cost between 30 and 50 billion euros”, as well as the advancement of the retirement age.

– Hope for continuity –

Italian Council President Mario Draghi at Parliament in Rome, July 21, 2022 (AFP/Archives/FABIO FRUSTACI)

“Draghi gave credibility to the country, it’s a shame, I would have preferred to continue to be represented abroad by a person like him”, abounds Walter Ruffinoni, CEO of NTT DATA Italia, a company specializing in cybersecurity. .

“There is hope that whoever wins, the new government will move forward along the path set by Draghi,” he added.

Especially since Mario Draghi negotiated a recovery plan of nearly 200 billion euros with the European Union, part of which was devoted to the digitization of Italy, late for twenty years compared to to neighboring states.

“I hope that the next government will remain in place for five years, while in Italy there is great political instability which does not allow projects to be completed. Every six months we are in the electoral campaign!”, sighs Mr. Ruffinoni.

The bosses may have multiplied the appeals of the foot to persuade Mario Draghi to stay, nothing worked: let go by three parties of his government of national unity, first by the 5-star Movement, then by the League and Forza Italia, he threw in the towel on July 21.

– “Economic earthquake” –

Giorgia Meloni, leader of the post-fascist Fratelli d’Italia party during a meeting in Ancona, in Les Marches, on August 24, 2022 (AFP/Archives/Vincenzo PINTO)

The former president of the ECB has been dispatching from current affairs, pending his successor, who could be Giorgia Meloni, the leader of the post-fascist party Fratelli d’Italia given at the head of the early legislative elections of September 25.

If the second quarter held a pleasant surprise, with an upward revision of growth to 1.1%, the clouds began to accumulate in stride, with record inflation of 8.4% in August.

Short-term growth prospects “are uncertain, due to the slowdown in the global economy and the rise in interest rates and energy prices”, acknowledged Saturday in Cernobbio the Minister of Economy Daniele Franco. .

Carlo Bonomi, president of Confindustria, the main employers’ organization, which last year still boasted of a “small economic miracle”, has also changed its tone. “We are facing an economic earthquake, the government must deal with it, we cannot wait for two months” for the arrival of his successor, he argued Thursday.

According to Confcommercio, the national trade organization, 120,000 companies in the service sector risk going out of business by the first half of 2023 due to soaring energy costs.

“It’s a very difficult time for companies,” admits Cristina Scocchia, CEO of roaster Illy. “We fear that the change of government will slow down decision-making on measures needed to support societies and families.”

© 2022 AFP

Did you like this article ? Share it with your friends with the buttons below.