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00:00ENEL. THANK YOU FOR JOINING US. THIS IS GOING TO BE A BUSY DAY. A LOT OF IT WILL BE FOCUSED ON THE CONCERN FOR GROWTH WORLDWIDE. A LOT OF IT WILL ALSO BE ON ITALY. DO YOU WORRY ABOUT ITALY OR WHAT IS GOING ON WITH EMERGING MARKETS? > > I DO NOT WORRY ABOUT ITALY. ITALY'S POSITION IS COMPLEX AND LESS DIFFICULT TO UNDERSTAND THAN IT LOOKS. THERE ARE, PERHAPS, BIGGER WORRIES IN THE WORLD BUT, AGAIN, IF YOU LOOK AT THE WORLD OVERALL , IT IS NOT THAT BAD. THE ECONOMY IS DOING OK. IT IS STRONG. MAYBE THE ONLY BIG WORRY I HAVE FROM AN ECONOMIC STANDPOINT IS THE TRADE WAR CLOUD. IT IS STILL NOT FULLY SETTLED. THAT IS A QUESTION MARK REALLY. > > WE WILL FIND OUT WHETHER THIS ESCALATES. IF IT DOES ESCALATE, IT WOULD SHAVE OFF 0.4% OF WORLD GDP NEXT YEAR. DOES IT ACTUALLY HAVE AN IMPACT ON ENEL? > > NOT IMMEDIATELY. WHERE NOT EXPORTING. OF COURSE OF THE ECONOMY SLOWS DOWN WORLDWIDE, ENERGY DEMAND GOES DOWN, AND ENERGY COMPANIES DON'T LIKE THAT. IT IS AN INDIRECT IMPACT. IN THE SHORT TERM, NO. > > TURKEY, ARGENTINA, VENEZUELA, HOW WERE YOU AFFECTED BY THOSE? > > WE ARE IN ARGENTINA. I THINK ARGENTINA, WE KNEW FROM THE ONSET IT WAS NOT GOING TO HAPPEN ALL OF A SUDDEN. THE MIRACLE IS IN THE PROCESS. I THINK WE ARE RIGHT NOW IN THE SECOND PHASE OF THE PROCESS. IT IS WISE THAT THE PRESIDENT OF ARGENTINA ASKED FOR THE IMF INTERVENTION. THE IMF HAS A GOOD CHANCE TO GET THERE AND FIX THE PROBLEMS AND HELP ARGENTINA OUT. THE SIGNS ARE THAT ARGENTINA WILL GET OUT OF THIS , DENYING THE REALITY. IT JUST REQUIRES TIME. WE NEED TO BE CLEAR THAT ARGENTINA IS GOING TO GET OUT OF THE CRISIS, BUT IT WILL TAKE TIME. IT IS NOT A 100 EUROS --. -- A 100 YARD DASH. > > YOU THINK IT DEPENDS ON WHAT IS DECIDED IN GDP, IT WILL EITHER ALLAY INVESTOR CONCERNS OR AND THEM UP? > > I THINK IT WILL ALLAY CONCERNS. ARGENTINA WILL INDICATE THAT ITALY HAS A CHANCE TO CONTINUE REFORM AND ALSO TO RESTART GROWTH. THE IDEA IS THAT WE HAVE HEARD AND READ AND WE HAVE BEEN EXPOSED TO OUR IDEAS OF PUSHING INVESTMENT AS A WAY TO RESTART THE ECONOMY. INVESTMENT IN INFRASTRUCTURE IS NEEDED IN MANY PARTS OF THE WORLD. THAT INCLUDES ITALY, TOO. . IT MAKES SENSE AND THAT IS THE RIGHT TIME TO DO IT. I THINK ONCE THE FLOW IS FINALLY OUT, INVESTORS WILL LOOK AT IT AND SAY, THERE HAS BEEN A LOT OF NOISE WITHIN. I THINK IT WILL TAKE ANOTHER COUPLE MONTHS BEFORE IT HAPPENS. > > WHAT KIND OF ENERGY POLICY DO YOU THINK THIS GOVERNMENT WILL PUT IN PLACE? > > AN ENERGY POLY -- POLICY FROM WHAT WE UNDERSTAND THAT WE PUSH MORE RENEWABLES, WE GO IN THE DIRECTION OF THE EU FOR THE NUCLEAR ENERGY PACKAGE, WE PUSH FOR THE TRANSFORMATION OF NETWORKS,

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Main Economic Concern Is Lingering Trade War Cloud, Says Enel CEO

Francesco Starace, chief executive officer at Enel, discusses what he's worried about, the escalating trade war between the U.S. and China, emerging markets, the trouble in Argentina, reforms in Italy and their energy policy. He speaks on "Bloomberg Daybreak: Europe" from the Ambrosetti Forum in Cernobbio, Italy. (Source: Bloomberg)

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