“Without changing governance, nothing will change.” For Marco Tronchetti Provera, the priority is political before economic. To return to growth and sit at the tables that matter, Europe must overcome the fragmentation among the Twenty-Seven, revise the rules that hinder mergers in strategic sectors, and equip itself with a common defense.
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The platform chosen by the executive chairman of Pirelli to launch his warning is the TEHA Forum in Cernobbio. Joining him in discussion are Enrico Letta, EU Rapporteur for the Single Market, Henry Huiyao Wang, founder and chairman of the Center for China and Globalization, and Will Marshall, co-founder and CEO of Planet.
The starting point is a contradiction that runs through the history of the Union. Europe, the entrepreneur recalls, built its integration by pooling coal and steel. Today, however, it is a continent of 27 countries moving according to different policies: “This makes no sense, it weighs on competitiveness.”
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Starting from energy and raw material costs, higher than main competitors, to the persistence of national markets that hold back companies. A diagnosis already put in black and white by the report by Mario Draghi on competitiveness.
“Everyone agrees with Draghi and Letta, but no one wants to change governance,” he observes. It is in this difficulty of translating a shared diagnosis into common choices that Tronchetti Provera identifies the structural limit of the EU: “No one can make decisions for other countries”, he points out. As long as this mechanism remains unchanged, growth will also remain hindered.
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