• About
  • Advertise
  • Privacy & Policy
  • Contact
Saudia Times
Advertisement
  • Home
  • Africa
  • Business
  • Europe
  • Finance
  • latest news
  • Middle East
  • Politics
No Result
View All Result
  • Home
  • Africa
  • Business
  • Europe
  • Finance
  • latest news
  • Middle East
  • Politics
No Result
View All Result
Saudia Times
No Result
View All Result
Home Finance

Generali boss: Let me help invest EU recovery fund

admin by admin
September 12, 2020
in Finance
0
Generali boss: Let me help invest EU recovery fund
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

EU leaders made history in agreeing to a coronavirus recovery fund. The harder part may be putting that €750 billion to work.

Governments should look to insurance companies for help in moving that money into the economy, Assicurazioni Generali Chief Executive Philippe Donnet said in a pitch for an industry role in choosing investments.

As politicians pledge to direct the funds to goals including fighting climate change and promoting digital business, they must also select sound financial investments — at speed.

“Im ready to sit together with the Italian state to design that,” Donnet said in an interview.

“We could help. We could help accelerate the timing and help to select the right targets,” he said by videoconference from Generalis Venice outpost. “My proposal is that member states should leverage the know-how of their institutional investors.”

Wearing a plaid sport coat and open shirt collar, he described working out of the Palazzo Morosini at Santo Stefano in the San Marco district of Venice as more practical for social distancing than the headquarters tower in Milan.

The comments come as governments work to draw up their economic recovery plans, with the three-year fund still subject to ratification by national parliaments before money can begin flowing in 2021.

Italy presented its draft program to parliament on Thursday and expects to receive €209 billion from the EU fund, although its impossible to know precisely how much each country will be entitled to.

Asked if the offer to help is just a self-serving push for more business, Donnet argued that insurers are already investing €11 trillion of customers funds.

“Its an incredible firepower,” Donnet said of the industrys assets under management. “Our job is to manage this money, but I think that our responsibility is to be part of the recovery dynamic.”

Europes new path

In the September 3 interview, Donnet said the EU recovery fund — to be financed with unprecedented joint borrowing — should be more than a one-off crisis compromise, as it has been described by more reluctant backers including the Dutch government.

He called for it to become a permanent way for the EU member countries to support each other.

“Citizens from all over Europe will feel that Europe is bringing something substantial, something real, something positive,” he said.

The comments go with Donnets stance in favor of tighter European integration across the board, including ideas such as a eurozone minister of finance.

National capitals should accept more sharing of power not just with the EU but local authorities, he said.

Leveling tax

Tax is part of the integrationist push. Donnet called for a move toward leveling of rates around the bloc — with higher-rate countries such as France, Italy and Belgium needing to move downward.

“We need to decrease the average” level of taxes, he said, for the sake of making Europe more attractive to investors. But he cast the issue in terms of European unity.

“We also need to decrease the discrepancies and go towards more convergence and homogeneity of the tax rates,” he said. “I think this is quite inevitable.”

Donnet, 60, is a French native who joined the Italian insurer in 2013 and has been chief executive since 2016. Generali is the EUs third-largest insurance company, after Allianz of Germany and French rival Axa, where Donnet began his career and rose to regional CEO posts in Southern Europe, Asia and elsewhere.

Wearing a plaid sport coat and open shirt cRead More – Source

politico
Previous Post

Large explosion rocks arms depot in Jordan, but no casualties reported

Next Post

Proactive oil & gas weekly: Hurricane, 88 Energy, Union Jack Oil, Cadogan Petroleum, Mosman, I3 Energy, Chariot Oil & Gas

admin

admin

Next Post
Proactive oil & gas weekly: Hurricane, 88 Energy, Union Jack Oil, Cadogan Petroleum, Mosman, I3 Energy, Chariot Oil & Gas

Proactive oil & gas weekly: Hurricane, 88 Energy, Union Jack Oil, Cadogan Petroleum, Mosman, I3 Energy, Chariot Oil & Gas

Stay Connected test

  • 79 Followers
  • 93.2k Subscribers
  • 22.9k Followers
  • 99 Subscribers
  • Trending
  • Comments
  • Latest
Surrender deadline nears as Ethiopia prepares Tigray attack

Surrender deadline nears as Ethiopia prepares Tigray attack

November 25, 2020
Ethiopian army claims control of Tigray city

Ethiopian army claims control of Tigray city

November 29, 2020
SAMA to become Saudi Central Bank, with full independence

SAMA to become Saudi Central Bank, with full independence

November 25, 2020

Pope expresses support for same-sex civil union laws in new documentary

October 22, 2020
Iraq’s Kurdistan offers to freeze independence referendum results

Iraq’s Kurdistan offers to freeze independence referendum results

0
Outcry over naming Mugabe WHO ambassador

Outcry over naming Mugabe WHO ambassador

0

Somalia bombings: Death toll climbs to 358

0

At least 16 Egyptian police officers killed while raiding hideout

0
Ethiopian army claims control of Tigray city

Ethiopian army claims control of Tigray city

November 29, 2020
Surrender deadline nears as Ethiopia prepares Tigray attack

Surrender deadline nears as Ethiopia prepares Tigray attack

November 25, 2020
‘The Flight Attendant’ serves up a fun trip thanks to Kaley Cuoco

‘The Flight Attendant’ serves up a fun trip thanks to Kaley Cuoco

November 25, 2020
Trump’s outcasts in the civil and foreign service may get a second chance under Biden

Trump’s outcasts in the civil and foreign service may get a second chance under Biden

November 25, 2020

Recent News

Ethiopian army claims control of Tigray city

Ethiopian army claims control of Tigray city

November 29, 2020
Surrender deadline nears as Ethiopia prepares Tigray attack

Surrender deadline nears as Ethiopia prepares Tigray attack

November 25, 2020
‘The Flight Attendant’ serves up a fun trip thanks to Kaley Cuoco

‘The Flight Attendant’ serves up a fun trip thanks to Kaley Cuoco

November 25, 2020
Trump’s outcasts in the civil and foreign service may get a second chance under Biden

Trump’s outcasts in the civil and foreign service may get a second chance under Biden

November 25, 2020
Saudia Times

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow Us

Browse by Category

  • Africa
  • Business
  • Europe
  • Finance
  • latest news
  • Middle East
  • Politics
  • Uncategorized

Recent News

Ethiopian army claims control of Tigray city

Ethiopian army claims control of Tigray city

November 29, 2020
Surrender deadline nears as Ethiopia prepares Tigray attack

Surrender deadline nears as Ethiopia prepares Tigray attack

November 25, 2020
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.