Marchionne working on healthy Fiat in Italy
Sergio Marchionne talked to the press yesterday during the annual gathering of the council of Italian-American relations in Venice. As president of this council, and as CEO of the Fiat-concern, he said that there are plenty of possibilities for the Italian export. Marchionne says that the short-term future will indeed be hard, but that the middle-term is filled with chances. The current crisis in the Italian steel and automotive industry can be tackled effectively, so said the CEO, if the current government Letta does everything they can to get the people back at work. Marchionne claimed that the first signs are certainly positive concerning the latter. The new Minister of Economic Development Flavio Zanonato has made a very good impression on the Canadian-Italian. He said that Zanonato is a great personality. He doesn’t expect any more trouble from Rome concerning the current working method of Fiat in Italy. Fiat SpA has tackled the crisis on its home market by restructuring into a globally competitive company and will make true on all promised investments, so said the energetic CEO yesterday. Fiat will become healthy and be way less depending on the European market.
Sergio Marchionne was less happy with the decision from Brussels of the European Central Bank to keep the main interest rate on hold at a record low 0,5 percent.’Shocking’ is what the economist Marchionne called the decision of his fellow countryman Draghi; “I saw the reaction of the euro this morning. The value is out of proportion and helps no one at being competitive. It doesn’t help the economy, it doesn’t help anyone. I hardly see the purpose of the euro as a currency anymore. Japan and the US deal with such problems entirely differently. They promote the expansion of the credit on the financial markets. This would also be the better solution for Europe, who should really look into the current situation and try to find a decent solution now instead of just doing whatever Germany says.”
As to the complete takeover of Chrysler, the CEO was clear; the financing is not a problem. Fiat is discussing with the VEBA and chances are that both parties will reach a deal even before the judge of Delaware pronounces his decision. Marchionne wasn’t willing to give a possible date because, so he said, he had been wrong at this before. The CEO also said he really appreciates the Agnelli-family and how they have supported him for ten years already during his work for Fiat SpA.