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00:00-- AMBROSETTI. VALERIO: THANK YOU FOR INVITING ME. FRANCINE: I IMAGINE YOU WILL TALK ABOUT EMERGING MARKETS, CHINA, BUT THERE IS ANGST ON BUDGET REFORM. ARE THEY GOING TO BE CONCILIATORY WITH EUROPE OR ARE THEY ITCHING FOR A FIGHT? VALERIO: THAT IS A VERY GOOD QUESTION, AND WITH ALL INVESTORS, WE HAVE A NUMBER OF FOREIGN INVESTORS HERE. THEY ARE WAITING, AND MY GUESS IS THEY WILL BE REASONABLE AND WE ARE IN LINE WITH EXPECTATIONS. THE LARGEST WEIGHT WILL NOT BE ABOVE 2.5%, MY PERSONAL GUESS. I PUT MY CREDIBILITY ON THE TABLE NOW, SAYING THAT. AND ALSO, I CAN SAY WE HAVE THE FEELING A LOT OF PROGRESS IS MADE IN TERMS OF BEING MORE OPEN AND FLEXIBLE WITH INVESTORS, ENTREPRENEURS, AND MARKETS. TAKE FOR EXAMPLE THE LARGEST DEAL MANUFACTURER IN EUROPE IN THE SOUTH OF ITALY, JUST TWO HOURS AGO, THE MINISTER SORTED THAT OUT WITH AN AGREEMENT. IT SOLVES THE PROBLEM FOR OVER 10,000 EMPLOYEES. IT IS HUGE PROGRESS IN THE DIRECTION OF SENDING THE MESSAGE THAT THEY WILL CONTINUE DOING BUSINESS IN THE COUNTRY. FRANCINE: WE TALK ABOUT THE NEED FOR A STABLE GOVERNMENT, AND THE PROMISES MAY BE DONE DURING THE CAMPAIGN TRAIL WERE NOT COMING TO FRUITION TO ATTRACT FOREIGN INVESTMENT. ARE YOU CONFIDENT YOU WILL BE IN A BETTER PLACE FIVE MONTHS FROM NOW? VALERIO: YES, ALL OF THOSE PROBLEMS ARE POSTPONED TO EVENTUALLY THE NEXT YEAR. IT HAS HAPPENED TO MANY OTHER GOVERNMENTS, HOW MANY POLITICIANS MAKE PROMISES THAT LIKELY CHANGE OR DRASTICALLY CHANGE WHEN THEY WENT INTO PLACE. ONE EXAMPLE IS CYPRUS. THEY WERE HERE FOR A FEW YEARS AGO ANNOUNCING A DISRUPTION OF EUROPE. WHAT HAPPENED IN THE END IS THEY IMPLEMENTED A SOLUTION WHERE GREECE DID WHAT EUROPE EXPECTED GREECE TO DO. I THINK THE POSITIVE SIGNS ARE UNDER THE EYES OF EVERYBODY. I EXPECT THERE WILL NOT BE THE FULL IMPLEMENTATION APPLE SPEED OF ALL ELECTORAL PROMISES. -- IMPLEMENTATION AT FULL SPEED OF ALL ELECTORAL PROMISES. FRANCINE: WE ARE SPEAKING TO THE FORMER THE BOC GOVERNOR LATER. HOW IS THAT SEEN IN ITALY? THIS IS AN ECONOMY OF MANUFACTURING CAUGHT IN THE CROSSFIRE. VALERIO: THAT WILL HAVE A MUCH GREATER IMPACT. IN A NUMBER OF PAPERS ALREADY, THE REAL WORRY IS ECONOMICS THAN THE SHORT-TERM POLICIES OF THE GOVERNMENT. WE ARE IN THE TOP FIVE GLOBAL COUNTRIES OF ITALY WITH TRADE BALANCE ABOVE $100 BILLION. WE ARE THE SECOND LARGEST MANUFACTURER IN EUROPE AFTER GERMANY. WE HAVE TO DABBLE -- WE CAN SUFFER A LOT IF INTERNATIONAL GLOBAL TRADE WILL BE STOPPED OR SLOWED DOWN. THAT WOULD BE A CONCERN, BUT AGAIN, WE ARE AN OPTIMIST. WE NEED TO PROFESS OPTIMISM, AND I HOPE WHATEVER PRESIDENT TRUMP IS SHOUTING NOW AGAINST TRADE,

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Italy, Global Trade in the Spotlight at Ambrosetti Forum 2018

Valerio De Molli, chief executive officer at The European House Ambrosetti, discusses concerns about Italian budget reforms and global trade. He speaks with Bloomberg's Francine Lacqua from the Ambrosetti Forum in Cernobbio, Italy on "Bloomberg Surveillance." (Source: Bloomberg)

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