How to react to the coronavirus crisis? It was talked about in online debate "Recipes for recovery", moderated by Nicola Porro and in which the CEO of Banca Generali Gian Maria Mossa took part, together with the president of Venchi Daniele Ferrero and the Managing partner and founder of Ambienta SGR Nino Tronchetti Provera. “We are facing a different crisis than in the past – said Mossa -. Many entrepreneurs have had to invest their cash to keep your company on its feet". As for savings, according to the head of the bank with the winged lion, “the real problem with regards to performance is linked to the blow suffered by bonds compared to stocks. However, I have noticed, in general, a mature behavior”.
Mossa then listed three priorities for the restart: “Companies will need capital not only to survive but also risk capital to restart, since many, as we know, are not listed in Italy. The other theme is young people. I fear youth unemployment will by now be at 50% and it is precisely here that something must be done. Finally we are approaching the summer which will be important for Italian tourism, which is a strategic sector: a false start must absolutely be avoided". Banca Generali's CEO also expressed perplexity about the capital hypothesis, which has actually been set aside for now by the government itself after a timid attempt to put it on the table of possible options.
“The theme of assets is superseded by the facts – said Mossa -. Already today, every year entrepreneurs leave the State, hands and shoulders, 5-10 billion. Taking private money to plug public holes is a bad idea also for the message of low trust that passes. We need credible projects and credible people”. “We need certainties to restart. Otherwise it will be increasingly difficult to invest in our country. However, it is the moment in which there are opportunities by thinking about the medium to long term. These are the moments in which, if one has the stomach, he makes a savings plan and in the space of a couple of years he will certainly be satisfied”, concluded Mossa.
