Duration 48:59
16+
Play
Video

After Brexit: Renewing Europe's Growth | DAVOS 2020

Paolo Gentiloni
Commissioner for Economy at European Commission
+ 4 speakers
  • Video
  • Table of contents
  • Video
World Economic Forum 2020
January 23, 2020, Davos, Switzerland
World Economic Forum 2020
Video
After Brexit: Renewing Europe's Growth | DAVOS 2020
Available
In cart
Free
Free
Free
Free
Free
Free
Add to favorites
12.91 K
I like 0
I dislike 0
Available
In cart
Free
Free
Free
Free
Free
Free
  • Description
  • Transcript
  • Discussion

About speakers

Paolo Gentiloni
Commissioner for Economy at European Commission
Sara Eisen
Co-Anchor at Squawk on the Street and Closing Bell, CNBC
Christian Sewing
Chief Executive Officer at Deutsche Bank AG
Roberto Gualtieri
Minister of Economy and Finance at Ministry of Economy and Finance of Italy
Frank Appel
Chief Executive Officer at Deutsche Post DHL Group

Commissioner for Economy in the European Commission since December 2019. Member of the Italian Chamber of Deputies from 2001 to 2019 and has held the posts of Prime Minister (2016-18) and Foreign Minister (2016-18), as well as Minister of Communications (2006-08). Previously, Spokesperson for the political party La Margherita (the Daisy) from 2002 to 2007 and Alderman in Rome City Council from 1993 to 2000. Former professional journalist. Graduated in Political Sciences from La Sapienza University in Rome.

View the profile

Master's in Broadcast Journalism, concentration in business reporting, Medill School of Journalism, Northwestern University. Former: Host, Bloomberg Radio program "On the Economy"; Co-Anchor, "Bloomberg Surveillance"; Correspondent, Bloomberg Television, covering global macroeconomics, policy and business, including the European debt crisis, the tsunami aftermath and Fukushima nuclear crisis in Japan. December 2013, joined CNBC as Correspondent, focusing on the global consumer; Co-Anchor, 10.00 ET hour of CNBC's "Squawk on the Street"; since January 2016, Co-Anchor, CNBC's "Worldwide Exchange". Editor, Currencies After the Crash: The Uncertain Future of the Global Paper-Based Currency System (2013).

View the profile

1989, completed a bank apprenticeship at Deutsche Bank; Banking diploma, Bankakademie Bielefeld and Hamburg. 1989, joined Deutsche Bank; has worked in Frankfurt, London, Singapore, Tokyo and Toronto; 2005-07, Member of the Management Board, Deutsche Genossenschafts-Hypothekenbank; 2010-12, Chief Credit Officer; 2012-13, Deputy Chief Risk Officer; June 2013 – December 2014, Head of Group Audit; January – June 2015, responsible on the Management Board for Legal, Incident Management Group and Group Audit; July 2015 – April 2018, responsible for Deutsche Bank’s Private & Commercial Bank; since January 2015, Member of the Board and since April 2018, Chief Executive Officer.

View the profile

Roberto Gualtieri (born 19 July 1966) is an Italian university professor and politician of the Democratic Party (PD). Since 5 September 2019, he has been serving as Minister of Economy and Finances in the government of Prime Minister Giuseppe Conte.He previously was a member of the European Parliament from 2009 to 2019, where he chaired the influential Economic and Monetary Affairs Committee within the Parliament from 2014 until 2019

View the profile

MSc in Chemistry; PhD in Neurobiology. Formerly: Consultant then Partner and Member, German Business Management, McKinsey & Company. Since 2002, with Deutsche Post DHL Group, since 2008, Chief Executive Officer, Deutsche Post DHL Group.

View the profile

About the talk

As the European Central Bank maintains interest rates at record lows, the economic forecast for the region remains weaker than desired. What will a new Commission and the eventual withdrawal of the United Kingdom mean for the European economy?

On the Forum Agenda:

- Risks of an economic recession

- Navigating Brexit and trade uncertainty

- Reforming economic policy measures

Speakers: Paolo Gentiloni, Sara Eisen, Christian Sewing, Roberto Gualtieri, Frank Appel

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

World Economic Forum Website ► http://www.weforum.org/

Facebook ► https://www.facebook.com/worldeconomicforum/

YouTube ► https://www.youtube.com/wef

Instagram ► https://www.instagram.com/worldeconomicforum/ 

Twitter ► https://twitter.com/wef

LinkedIn ► https://www.linkedin.com/company/world-economic-forum

TikTok ► https://www.tiktok.com/@worldeconomicforum

Flipboard ► https://flipboard.com/@WEF

#WorldEconomicForum #Davos2020 #Brexit

Share

Hi everyone, Welcome to our panel. We're going to talk about one of the critical and pressing issues facing the global economy brexit and the impact on Europe. So just to bring everyone up to speed on the timeline next week January 31st. See you will leave will lose for the first time ever one of its members from 28 to 27 with a UK leaving second biggest economy. And we have a pretty diverse as a person that gets two Germans into Italian to talk about what it's going to mean for Europe the 11th month shot clock starts and They have to figure out some sort of trade

deal between Europe and the UK. And so today we're going to talk about that and what it's all going to mean. I'd like to introduce our very esteemed panelist hear about Paolo gentiloni. He is the former prime minister of Italy. He's currently the commissioner for the economy at the European commission. Welcome to you it. Frank apple. He is the CEO of Deutsche Post DHL when he's a CEO of Deutsche Bank, and we've got Roberto gualtieri the minister of the economy and Finance in Italy. So thank you all for joining the discussion and I

always prefer in the round because it's a lot more fun. We'll have a lot more debate. I'd like to take it off with you commissioner. As far as your abs concerned. What are going to be the key priorities in negotiating this very complex deal over the next year for Britain to leave as far as it relates to the economy and trade I would say first try to give certainty I think in the last couple of years we had we were rather uncertain on the outcome. Now the outcome is certain we don't like it but it is there

UK will leave the union at the end of the month. We have a very short time for negotiation 11 months for a free trade agreement is really very short since we look to have a free trade agreements. But the European Union is ready to do old is in our power to have the more the best possible relation with UK. I would say that most of the results depend on the decision of the UK government. 2018 Avalon another way is the UK government wants to have a very large access to the single Market

if they want to do have a very good relation with the single Market. We are ready to go to do this, but it is not for us to decide. We have rules. We expect a Level Playing Field from this agreement if there is an availability from the UK government, I think we will reach a good agreement. It is not easy in 11 month, but I think it is still possible. We can't have zero tariffs and camping together with temps have zero calories and zero camping. So we need an agreement with a Level

Playing Field between us as far as he's concerned and in these negotiations and we think are going to be the biggest sticking points. I think is the bonds between the deepness all day free trade agreement is comprehensiveness and also the capacity to ensure 11 Plainfield because at the end of the day at DPAC impressing Free Trade Agreement is not single Market Aquis when it is not a passport if your a different things so we first one to a deal which is as much as possible the compressive but we know that's

enough ta is not single market. So that would mean any case change there will be differences. So first is important to do to not lose time because you know, if they okay yesterday if sad that I'm not going to use the option to prolong the transition. They already told us that we have pretty short time. So we need to move quickly to Define principles to focus on the most important things seems to be an FDA focus on glutes. She don't want the city of Dallas is the magic formula and let him playing field because you need This internal and external security and that would

be what can be really sick lie down and that will hopefully minimize at maximum disruption and we will have changed that we have Supply chains integrated on goats industrial production. So that's not mine of thing. So we won't of course to minimize is as much as possible and financial markets as much as possible. We will make her intelligent use of a queen but it is not the same that single market. So you wrote on the one hand as to negotiate in good faith with the UK a good agreement. That's also to prepare itself for a change

which will be especially in the middle term deep. And so that means our agenda on Capital Market Union banking Union on how to relaunch Road on how to deepen our single Market to is an ambitious agenda that determination because of brexit How hard are your life planning for all of this with the uncertainty out there? And the fact that we don't know if there's going to be a deal. We don't know what's going to be in the deal. This uncertainty has now been dragged out for years. How do you make it work for business of the brexit has never been a good idea is still not a good idea

and what has happened so far is just that is off the top lines of the news, which is good news is actually because that gives you the UK and the European Union the chance to negotiate without constant public treasure what's going on that's what has happened so far. We still have the opportunity that the hard brexit brexit would mean that we don't get an agreement and then the UK will be treated as a WTO country and that is because the WTO says that may we come to have a preferred e of the PUK and that is still the risk either be known as bad as to the mountain either.

So we are preparing for ourselves for a long time also for her breakfast. It's less likely but we are both prepared to help our customers. Clearance for extra space all that we have done already. So it cost us more money that it takes a longer but we are still hoping that we get to an agreement but it's not off the table yet. What is good as is offer table of a Denon use like you see you in a week is probably one of the few sessions with talks about the brexit you which is good news and bad news pick up my breath from the EU in the UK

needs some time to come to a conclusion. It's very tight time frame. If I don't hop record still happens. It's really not as bad. But again, it's not a good night to you in the first place. If you're not too good for the UK nor for Europe in any case, but you know, I have chosen you know that way and now we have to execute that somehow. How do you think how do you plan? What we have planned, I mean we would be a bad institution if you wouldn't have planned for the outcome already last match. So I think the financial markets already get a response one big uncertainty kind of has

been putting off the table with the risk remaining that potentially deal is not happening at the end of the day, but you can see how the capital markets are reacting if things like The Tragically between us and China for also know the brexit seems to come to an end where you have a better certainty and I can only encourage that what has been said by the commissioner and the minister that we use the time is best possible way to find a a fair agreement because what we really need in Europe is a platform for growth and in case and certainty comes back it plays Bradley on the UK, but

also on Europe and hopefully everybody understand that we are already from a growth rate in Europe behind the recent in Asia China, but also the us and we have to make sure as Europeans that we Everything to actually accelerate gross and for that we need an agreement. I think certainty at least came back. Now we have to use the time as per the suggestions which we made and I think we are all in favor of having a fair agreement because at the end of the day, you can only be competitive if we sent a message via stands and also have a good agreement but we have the commissioner for the

economy here are so what's the plan to get out of this for 1% growth drapion. Just making a deal with the UK. I would say first in this moment. I think that the green deal was the first proposal of this new commission that in some way. He's giving to the new commission a a profile green deal is for Europe the domain tours4fun new clothes Frankly Speaking because we can we can't overestimate the importance of the importance of this thing because we are talking about changes in our way of housing in our way of Transport in energy

sources in Foods. So in it is a changement, I think that can remind us only What happens in the fifties and in the sixties changement on the real life of hundreds of millions of people if we are serious on this and I think we will be serious because we are not only announcing the pro a program with we are not only mobilizing Investments, but we are taking decision on regulation. We're taking the season on new rules for state aid. We are taking decision on Taxation and this whole pack it means a chance

for relaunch of our investments and off drugs than this is not we need we need also a review of our fiscal rules to facilitate Investments. I would say no Tom with green investment spending General Investments future-proof investment for the future investment program. Digital Innovation and I would mention this is the second Point first point the green deal second point to try to have a more coordinated and supportive fiscal policy at bu level. We are now in a better situation than 10 years ago. We should always keep an eye on a

hide its in some countries, but in general we need a really supportive pistol stance because monetary to suck no more sufficient. We can't imagine to help growth only with monetary decisions. This was perhaps extraordinarily useful in the last 2 years, but now we need to join without fiscal policies monetary policy. Decision, I think we're going to exact same thing today from ACV president Christine Lagarde who will be speaking soon at her news on think that in the market. Why is that not happening

when you know something which is Dammam to do not think we have more fundamental problems. We should tackle. We should we never address with Chase a reduction regulation. You know, I'm just hanging in process when a few people there say always in it before you put a new regulation. I'll take two out to get hundred thousand pages with a small son that you can drive more pages from that that would help significantly more than we have in our industry. So we have sold fragmented a traffic control

in Europe, which is nonsense and it's not good for the environment. We have too many planes waiting all the in front of the runway with running engines. Northern Canada on the circling in the are impossible to imagine that we get one at Traffic Control in your choice would be a fantastic nice thing for reduce post-brexit. If we don't get it amicable deal, we will incruse 4 cost at the border with zero growth impact. It will be negative. They will know stimulus and that is all this these regulations, you know that the board of control

if I go to invest in infrastructure in Easy Boulder excess, that's it. If you do not write your country will prosper in Europe you're talkin about regulation this and their relation that and blah blah, you know, I think the idea of carbon pricing is a great idea. We have to put a price ticket. Don't call it a text call Calvin Price that don't regulate which technology to solve a problem and that is very often. When you're a baby say we have an idea and we have also been Solution

that's wrong industry and science should solve the problem and not the regulator on the regular should say, everybody has to pay the price by the people who are more Innovative as an advantage. The Moon is The movies at on the contrary on en some targeted issue to Heaven Evolution limiting song relish obviously regulation coherent with the green deal. You were mentioning the carbon-carbon adjustment mechanism now to go get the carbon tax, and we need to evolve on some taxation

directives. But regulation will not be the core of this new green deal for your policy feel like I think the whole new approach to your phone and regulations. Germany has been a big problem for European. I didn't we just come off. 26% growth I thought I saw that it was also the girls engine for a lot of years to put it in perspective. But I'm so happy that the bank was talking about deregulation, but I fully support her Frank Apple. I think it is. It is one of the reasons by the way why the US is doing so well and how can we grow speakers? It is not only on the text out on

the 5th of stimulus is actually the deregulation of the crossed Industries. And I'm the first one who always said we need more regulations banking system, but there are certain issues which are now too much and if we are overdoing it you actually stop the growth and we have to be very careful with that. We think about certain regulations and Bowser 3 Bowser for we need to be careful what it means to the European Financial market now Germany, I do think there is some room for fiscal stimulus, but we shouldn't do the mistake to do it too broadly. I think we need very specific

items actually link. To the European agenda. I eat to the green deal to technology where we think we have a competitive advantage and if you really think about sustainability if you really think about is G Everybody's Talkin about the cost of it. There are huge cops, but if you're of a plague is playing it the right way and we have some physical stimulus with the support of the corporate & institutional could be active growth potential and if we Define these buckets, I think we have a chance actually to accelerate growth and to benefit from it. And in this regard we

can certainly think about some fiscal stimulus but just fiscal stimulus on its own is not the solution and hands. I think the balance between deregulation defining the buckets and last but not least we had yesterday session at the Deutsche Bank Georgia Bank at any point. We need a new narrative for Europe people still see Europe as the project which brought peace to that region. And it was a fantastic thing. We need now to explain our people for what year was standing and you need to link deregulation. Agenda the green the green deal

with a narrative what it means for the people living in Europe and well pretentious if we do this, I think they're a great chance of Phyllis Richard Allen people off-balance bachchan's brother. I'm somehow also a capitalist which you can see any longer and capitalism says the text money off of future generation still has two trillion. And I don't know that's a lot of money in the future kids have to pay in the future. So we are living at the moment. In the recession stimulus means necessary. That's the point we have still to bring these things

and we are spending the money of the Next Generation menu has no out in right, you know, when carbon they should be out as well in BIO spend our money now, that's not fair and that is capitalism going to take money out of the system of government has been lost in the moment is good and using that has not taken place to live in the US and Europe. Germany has a limit if your ebooks of capitalist a ride, you have to put a limit on what you can spend in Germany has vet in the Constitutional which is right, which is actually

capitalism and socialism. I'm saying that for me as a businessman you a politician. So he was difficult because of Christmas people are living now and I will if I mean it's an interesting dilemma for Italy right because that is a high debt load country with very little economic growth. So how do you think about how to stimulate the growth picture? I agree that you sleepy and with a commission that we need to support if discuss Danson and supportive are also because if we especially if we want that the monetary policy does not take a loan the burden of

volume depletion on keeping economy moving and I'm pushing for growth. So I think this is the end actually a country which has a negative interest rates go. So that is also reasoning about to be put into perspective. Of course, I agree with the fact that is not just spending for spending that would solve our problem. I totally agree. And then I think what what unites Us in in is is one word of his Investments. So what we need we have an investment Gap we have actual investment got banned weekly measure this

Investment app, not only with the average investment to before the crisis, but with the investment that would be needed to address our climate our gifts to address our Innovation challenges looking what is happening around the world. We clearly need to mobilize and I'm president amount of investment have to be public Investments course, we cannot do this with public investment. We have limited physical face and some country like Italy is Pacheco remote limited physical space and we are aware of that. So that's why we we we have a prudent fiscal policy. We keep our deck on a

declining path, but still, of course, we need also a creative original Buying public resources Supply private resources investor who is a perfect way. You you can use your badge with Manny or national Manny to crowding to have mobilized to de-risk private investment. Especially if you want to channel does investment where they are more needed and where they might be a beginning a mole marginal High Cost of producing a mission, but then long-term gain also not only for 5

so that's the pact the deal do we have to do to mobilize is impressing at the Mount of private and public investment channeling through climate change issues and Innovation. I would like to call it European green Innovation deal. That's for me would be the perfect for Miranda's ask this.. The two francese. We have to we have to dress and to do that an investment, you know are good for aggregate demand butter good for for potential growth and Spa. That's what we need. And I think this is kind of that the approach also the commission

has put in his is a green New Deal and I said we are mobilizing 1000, but they know if this is not enough only if you want to reach the old targets, you need more than a few if you want to arrive to prime a tattoo. Can I do emission neutrality by 2050 if you want to go to at 2:20, but our manufacturers system to not to lose the race of innovation artificial intelligence. We really need that starting our investment. That's what we want to do. Hope in Italian side, but being protagonist of European green Innovation deal and that the common challenges and they're what we

are to do it strong pact between public policy and business communication the main game in town Christian. How do you feel about negative interest rates? Well, I said it all office Lee I again it was the right measure right after the Euro crisis. I think the ECB has done a good job and safeguarding the Europe and also Safeguard in Europe the Euro and set calendar visit all we should discuss that I personally think we missed the exit because at some point and you need to leave this this part of

negative interest rates and we are now at the point where the monetary policy is coming through to its limits. but forget about the Olympics for the banks, which is significant, but for that we adjusted our business model, you've seen our restructuring other Banks restricted we have to do it with the deal was that otherwise it would be a bad manager forget that the real long-term impact on the society is the issue we have to talk about there is not a big majority if at all majority in Germany of people who have access to the cheap money and when I talk about that, I mean cheap money in terms

of mortgage payment that means the disparity between those people who benefit from this kind of monetary policy to those people who have no benefit or actually they're losing money with the savings getting bigger and bigger and that is getting a kind of her in my view political problem and hens. I really do think we need to think brought up when we talked about the monetary policy not only office today impact on us, which is not good if we compare ourselves to the u.s. Banks think about the liquidity Reserve European banks are with - 1.5% vs to the credit results

of the u.s. Bank getting pause couch makes a huge difference, but the real issue is the long-term impact on society and therefore I think we need to pass and I have great respect for that. I think what the new Administration is he be saying that View and the strategy I'm not expecting a short-term complete turnaround, but I think there is a very constructive thought process. What does it actually mean to all parts of the society and I'm confident that we hopefully see the one or the other change but we have to leave the negative interest in particular society.

Europe has negative interest rates very have a competitive advantage and that he said he could get used to negative interest rates. Is he right? Well, I think it's up to the CB2 to take the decisions on this what I would stress is that in fact, we can't leave the ECB alone on the perspective of our economy this walk through in the last two or three years. We are no more in the situation we wear in in 2012-2014 and unfortunately, not only our fiscal rules that frequently also our mindset is still

to the mindset. We had during the Deep crisis. Yes. We we're risking default in some countries. We were even risking the currency at that time. But now this is no more the case. This doesn't mean that we Will spend money just to spend money. I agree perfectly with you. We need targeted spending that this is not something that the game the ECB could solve a low we can't risk a new double-dip crisis don't you have restrictive policies monetary policies influence. You negatively the situation. We need to have a selective and

concentrated fiscal policy helping monetary policy Frank. I don't think that this is a capitalist or socialist. I don't think that's Japanese. I have a very high level of assistance is what is sure is that in this moment EU has a rather low-level. On average for the both the EU 7th 76% and the euro-area 84 85 per-cent of public that it's low public that show no General spending on education Innovation and especially the green deal and you ever thought you were mentioning the importance of a new narrative. I think that the green deal is part of the University

if I ask my wife, what is she should answer the vindy Obits is defining a new profile. I would like also to add something I would like very much to have from e A geopolitical profile for multilateralism excetera excetera and we should work on this but please don't think that's in you exchange mint in a CB policies could solve all our problems. Nobody's saying this but I think we should be very clear that we have to do our part of the job with our fiscal policies

and coordinating them calling the negative interest of the Hidden text what it is actually because they the governments are benefiting massively from the negative interest rate. So, why are you not getting that Delta back to the citizens? And the budgets are getting better because the government of benefiting from that basically to pay less interest rates. It was paid to build who pays the bill all the citizens. So that's the reason why I'm calling it and I think that if we start with that language, she know that we will probably get

to different conclusions and what's going on and I maybe we need we need to make the right question. So why and you will be a lower freezing than the US and the answer is easy. If you compare the physical stance of the US to the one of the Europe in the last 10 years, you see exactly the answer to the question why we have lower interest rate in the US because they had of his customers and unless they became a socialist country. I don't think so. And so they didn't have quite a capitalist way. I approached by these customers after the crisis so there and so they

can have a higher interest rate. So my question to my friends win, It went when we have this discussion. That is always so why how can one be at the same time Gangsta blow interest rate by the gate? So so the only way to make them grow because one of the two I guess so I haven't the first I would be the most happiest person if we could have not we could not need 24 price stability and a commodity fiscal monetary policy and the easybeats selfie saying, please

help us not to have to do this, but then we are not able even to coordinate our fiscal stands and to channel also our fiscal policy in the area which are more to say growth-friendly that productivity friendly again, not just steam room for stimulus again, being that I am the first to recognize that we would not sore or hour. Problem structural problem with with with more fiscal fiscal stimulus pick out. Some of these issues are more deeper. This is a demographic Trends in technology

that changes so indeed we need an unique policy makes we have some Central structural reform. I needed some deepening of our integration including financial integration across to you is essential and fiscal policy should be strongly connected. And what is commission is going is doing is a slingshot connecting also they win which will coordinate our fiscal policy to our broader goals, which is exactly climate change Innovation to to see how those are our targeted Stables all the more favorable treatment for investment

could be linked to the kind of investment. We actually need to get our goals and that's I think that's the new policy. A framework that I think Europe should try to re-establish in order to I mean address this unique situation and also the great opportunity that we have to be the number one in the sustainability. The number one in Innovation and Revolution growth on the basis of all right unique social molded, which is the social mores made on cohesion of unite societies which are more resilient. And so I think that that's a challenge we

have and it again this stakeholder approach and that you're available to speak pact between public policy and National level you level and business Community is essential if we go in the right direction, we can have different views. But if we Define common goals and Mission, I think we can get them to work it out with the UK and the US President Trump also made it clear that his next Target on trade. You're up and he wants to see a deal and he threatened just this week that if we don't get it, they'll be new taxes new

tariffs on the auto sector Frank. What would that do to the very small economic growth that Europe is already producing good for anybody anyway, because you can see that around the world terrorism avoided at the end of the day and we'll add cost to everybody and that the new vinod are good for the US normal for Europe long-term or Mitchum even said that is not good news. No, I don't think so. And that is also not in the interest of the US. So what what why should be

the u.s. Interested to have you ever been a recession? What would be better than for the US Europe difference in a recession? So I think that has no interest of the u.s. Yes, I hope you know that the point is again Henry kostman heading down. You think it wouldn't put Europe into a session but it's the next wake-up call that we need to have a more integrated Europe in terms of how we integrate our Industries how we integrate regulation like in the we always talk about

the banking unit. But there is so much integration we need to do in the service industry that it's easier for us to actually see about a one Home Country beat from Germany or from Italy into other European countries. We need to finally understand that whether to us China or Asia that each country in Europe is too small to compete on itself. And if we need to work on the integrated Europe in order to have at least competitive approach to the other two big rig What whatsoever.

You know, what does mod mean for your and we should start walking more on your about what we can do our own the green plant is a step in that direction in a social or Society problems. We have some when you're a good solution. And then. For every problem but for many we have a good solution 7 commission should look into that and say let's talk copy a good solution we have for housing for education for Calvin cost in all this cuz we have a good solution. We are Reinventing Clemson Lady of the solution because the government ministers or

prime minister stay focused on what we are good at. We haven't got a lot of good Solutions in your room and we should just deployment consistently and we should not always worried about what we are doing and that's real fortunity. We still have the best education system on the world on average. We still have a best infrastructure on average in the world. We have less in equality when in the rest of the world so we should build on that and look what can we do as you're up to do that in my glory all this with Tara's mod coming this might happen and we should focus on strengths and we have a

little strength and that will be the ride roadmap and not always a mooring above us. Can we have strong and I'm a proud of you. We have a little problem and I'm living here because it is as if it's a great place to little it open it up target audience here, but now I could gone. Anybody with the question? I'll pick it up. If not. How's Georgia Bank doing? Start a good how you see me smiling. So I always said this is a big front formation which was needed and

I think we all feel good stuff. I don't get to interview you so it was the results next week. So let's focus on your mind whether we have gender of capital Equity now very good level but it wasn't terms of office of quality the npl process of reduction mpls motor very very well. It is a success story that is recognized everywhere. So we are we are getting closer to go below 3% net worth in 2021. So we are on track even before the ban. So I think I'll show these helped so so that the more attention of the

you level the single supervisor have the new regulation we go to Bluetooth. Define and loose with strong commitment by the old banking sector and also some Innovative tools to introduce like the Galaxy. So we have decided after Call of Duty suspension of the European level. That is not Justin PL. Of course his brother issue but is a ski and I'm confident now thankful. So today you will be schedule to regulation. We introduced after the crisis. We have received into stable you banking system, but now we have to push for integration.

That's a point so that we are not exploded at the potentiality of having a banking Union cross-border banking system. So, of course we need diversity different bank in Mall Del, Amo local. We need to ensure an environment where different different switches. Key of identity remains City safeguarded, but also we need to boost the more financial integration removing this limitation for the more efficient use of capital liquidity across a banking Union completing the bank in Union with a common deposit guarantee system completing

now what we're doing with the best sub, so and that's would give a lot of potential if we if we go beyond the fragmentation that was a bitter are introduced after the financial crisis. So we have great potential and I'm confident because they were older than the dead are the banking system in Europe and in Italy is sound solid is ready to the challenge. Yes, I I filled it from the times. I just wanted to ask a bit more about brexit. You mentioned it is more clarity. Now that the political situation in the UK as its most

stable. Does this mean we're going to have a year in which people are publishing companies a bullish about the UK. Do you think there's going to be a flood investment getting into the UK is Deutsche Bank in a FIFA pit stop in the UK because it is you can be a good year for UK. First of all, I think it is too early to say everybody is fully polished exactly. What I think was a step in the right direction. Now we need to find out how the tracheal is is really finalized and there is still a risk that it's not finalized. So I wouldn't say that people are going all-in from from

a risk. We turned it might be the wrong call. So they wait for for the future development, but I think what has been done now and at the charity of the certainty which has been given over the last six It's for sure point me in the right direction. We always said that the UK will be for us and material and very important location. I think London will always be one of the key Capital markets and therefore and we adjusted in a way that we will have a significant location and place over there. Obviously we prepare for out of the worst for a

kind of The Break-Up last year already so that we could do everything out of Frankfurt that has been done we had to do this but we believe that an 8 that would be in agreement and I certainly believe that London will be a very important Capital markets and Deutsche Bank will play its role. They change their minds yet because the uncertainty is still there. So we have not seen the change. We see a change in China because they have no one flaw. We don't have a floor yet for the UK because there is still the risk of a

heart brexit. And that's the reason why companies are delaying. That's a part of all these terrorists discussion the terrorists. I'm not as bad as they may be uncertain cheapest a problem because the uncertainty delays Capital Investments and that delays Grove we see that we are measuring the thickness of the world and what we have seen in 18, which other lead the Lost available data what we have seen his mother reduction tradewater reduction formation for motor reduction people fluid reaction and kept And that is a problem uncertainty puts pressure on

Capital Investments. And we see the same in the UK. We have not reached the floor the first step of the trade between great deal between China and us has to be having all the floor. Would you certainty even if we have loved the second stuff and that's different for still the brexit case and that's the reason why I'm not optimistic that our customers would invest a lot. We only follow our customers so we can build just empty warehouses and great to have an empty Warehouse. We need customers who are using them and we don't see eye-to-eye but the unfortunate remote I think we have lunch

time for just one more the first to our German friends. Do you seem that the banking Union will be finished within the end of the year because of cost Germany is one of the one who is opposing to that and the second will the speaker. Do you think that it is worth it to revise also, they EU competition policy. So having the possibility to have the bigger companies in Europe are competing with the Giants in China, Uso Libre. You know, I know I I I was I was on break it. I mean I'm a big fan of the bank in Union. I think it's definitely needed for Europe. Look at the

competition we have from overseas. But you know, what was the biggest option is my hat finishing it by the year-end 20 not doable, but if we can set the right tone and move into the right direction and I'm hopeful that we can finish it here over the next two days. But yes that is important for Europe, but we should be realistic within 12 months time even under the German presidential for the you in the second half. I think about heaven. I believe you know, we are at European champion and we are going to the place and that is a strength of our company because we are present everywhere in

can benefit I think we need and that's industry by industry. So and the training the street. Yes. We need a European play the pro bass. I can't blame the commission because the law County doesn't allow so the commission has decided falling below. The law has to be changed to allow that so that for anybody because the law is what it is and that was a the same decision that that's right and we need that for certain we have by far too many tentacles. So the u.s. Is dealing with going down from 4 to free potentially all you know, we're

dealing with one of them. 30 or 240 that is not efficient that generates additional cost which makes your of less competitive timing of the banking Union. The German finance minister is saying that we need two years to to shape a potential agreement and five years is to put it in place. So I think we need and by the way the communication night I presented then the commission approved 10 years ago about the investment plan in the green deal already says that we will change some rules on competition on targeted areas connected to the green tea

and this is something relevant. The EU way of life, as you know at the same time, I think that we can't kill our general competition framework, which is insect successful. I mention only the fact that one of the most successful books nowadays in u.s. Is a book of the French Economist about the successful model of competition in the European economy. So we had good things and bad things. We should change in the targeted and right places are rules without disrupting

our competition model, which was I please at the end successful Did you have a final Point don't you want to take us out on an optimistic no metes competition about Elsa State than what we are doing. Also on the back door is on on arms and Target the process where we need to also do a low and more support from from from from the state to to crowding private capital in the nnnn address. I'll challenge you about some of our competitors around where the

same time. Our framework is is robust and that is also guarantee for everybody. So because we are too broke to Union and we need also to avoid that to the reason unfair and Level Playing Field within the unit. But at the same time we need to know that it's a market the market are Global and we cannot just count the participant within the union and then discovered there are four five across the globe because that you really prevent yourself to be competitive. So is really dead. Eco Balance butter, I think we are on the way to finally dude is targeted improvements both in there a

competition and I think in in the framework of our Innovation policy and green policy, that would be necessary and appropriate. Thank you.

Cackle comments for the website

Buy this talk

Access to the talk “After Brexit: Renewing Europe's Growth | DAVOS 2020”
Available
In cart
Free
Free
Free
Free
Free
Free

Access to all the recordings of the event

Get access to all videos “World Economic Forum 2020”
Available
In cart
Free
Free
Free
Free
Free
Free
Ticket

Interested in topic “Finance and FinTech”?

You might be interested in videos from this event

April 23 - 24, 2019
Singapore
23
346
bitmain, blockchain, crypto, cryptocurrency, fintech, fundraising, game, government, investment

Similar talks

Zhu Min
Chairman at National Institute of Financial Research
+ 5 speakers
Steven Mnuchin
Secretary at U.S. Department of the Treasury
+ 5 speakers
Olaf Scholz
Vice-Chancellor and Federal Minister of Finance of Germany at Federal Ministry of Finance of Germany
+ 5 speakers
Kristalina Georgieva
Managing Director at International Monetary Fund
+ 5 speakers
Haruhiko Kuroda
Governor at Bank of Japan
+ 5 speakers
Christine Lagarde
President at European Central Bank
+ 5 speakers
Available
In cart
Free
Free
Free
Free
Free
Free
Angela Merkel
Federal Chancellor of Germany at Federal Chancellery of Germany
+ 1 speaker
Klaus Schwab
Founder and Executive Chairman at World Economic Forum
+ 1 speaker
Available
In cart
Free
Free
Free
Free
Free
Free
Klaus Schwab
Founder and Executive Chairman at World Economic Forum
+ 2 speakers
Børge Brende
President at World Economic Forum
+ 2 speakers
António Guterres
Secretary-General at United Nations
+ 2 speakers
Available
In cart
Free
Free
Free
Free
Free
Free

Buy this video

Video

Access to the talk “After Brexit: Renewing Europe's Growth | DAVOS 2020”
Available
In cart
Free
Free
Free
Free
Free
Free

Conference Cast

With ConferenceCast.tv, you get access to our library of the world's best conference talks.

Conference Cast
558 conferences
22053 speakers
8194 hours of content