Business owners are on high alert as uncertainty prevails on multiple fronts: ongoing wars show no sign of abating, a trade war was initiated by former U.S. President Trump, and there is significant institutional uncertainty, particularly within the European Union. This was stated by entrepreneur Riccardo Illy on the sidelines of his address at the 51st Ambrosetti Forum in Cernobbio.
“I appreciated President Mattarella’s message, who used rather strong terms, and rightfully so,” Illy said. “The conclusion I drew is ‘now or never.’” The chairman of Polo del Gusto continued, “The EU must find the courage and a way to reach agreements for further integration where needed, such as in defense and foreign policy, while potentially ‘de-integrating’ in other sectors. But it must do it now, or else…” He emphasized the urgency of the moment, citing the threat of two wars, the risk of being abandoned by the United States, an ongoing trade war, and a more insidious one involving cheaper products, potentially from China through dumping practices.
While the European Union “does not seem very reactive,” Illy noted that the upcoming State of the Union address in a few days might bring surprises. “Perhaps President von der Leyen will surprise us with something new, a more proactive message.” The annual address is scheduled for September 10th at the European Parliament.
As for remedies, Illy proposed an immediate opening to other markets: “The agreement with Mercosur looks positive. The Union had put that procedure on standby, but I believe it can now be approved within a few weeks.” Furthermore, he advocated pushing “even more with Japan [and] Canada,” describing them as already developed, liberal nations. He also highlighted privileged ties with South American countries, citing a shared Latin origin and the presence of many Italian immigrants.