For Bonomi, only with Eurobonds will the EU resist competition with the United States

According to the president of Confindustria Charles BonomiEurope should make use of the Eurobonds: this is the answer he provided during some interviews from Davos, Switzerland, where the annual edition of the World Economic Forum is taking place these days. The president of Confindustria listened to the speech of Ursula von der Leyen, which announced a new “Green deal business plan”. For Bonomi, the president of the European Commission would therefore have “relaunched an idea of ​​Confindustria”, the European sovereign wealth fund: which however “should keep everything at 360 degrees”, and not focus only on the green economy.

After bringing out the disproportion between the different countries benefiting from the 540 billion put on the table by the EU in the context of state aid (49.3% would be used by Germany, while Italy would be left with just under 5%), Bonomi specified that “the real challenge we are facing is not it is both differentiated autonomy and European industrial autonomy”. The European Fund should therefore serve thepurchase of raw materials that “we do not have”: while “the US and China are racing to grab ownership of it”. A priority that for the president of Confindustria is for example represented by rare earths: but it is only a piece of a broader rethinking of European interventions.

In the context of transatlantic relations, also in this case Bonomi is very clear in expressing his position: “The United States and China are not changing the rules of the game, they are changing the game”. The reference is to the plan recently launched by Biden, the so-called IRA (Inflation reduction act): a measure that many have considered harmful to Europe, due to its clear protectionist approach. The Fund thus understood should therefore serve to face the increased competitiveness of the economic partners: but the condition for Bonomi is precisely that the EU intervenes with the Eurobonds.

on the topic ofinflation, the president of Confindustria appeared optimistic; on the contrary, he dared to deny “a narrative that doesn’t convince me very much”, that is, the one that accuses the ECB of pursuing an economic policy that is disadvantageous for Italy, in particular on the increase in interest rates. “The problem is not the ECB. The rate is at 2.5%. Honestly, can this be a problem for the economy?” Bonomi asks, adding that the “real problem” is to be found in the past: “For many years we had negative rates and we would have had to reconfigure public spending and reduce the debt ”. According to Bonomi, the current decrease in the cost of energy would be a significant sign of hope: “If these values ​​were to be maintained, in the second half of the year, inflation will decrease substantially”. A forecast that would disavow the catastrophic readings of recent weeks.

A final answer concerned the future economic reconstruction of Ukraine after the damage caused by the Russian invasion: an area that Bonomi has recently visited together with the Minister of Enterprises Adolfo Urso. For the president of Confindustria, attention must first of all be dedicated to social issues: “In my first mission I had been to Bucha, where many displaced children were welcomed. You won’t forget those looks, ”she said in a bitter tone.