Edoardo Secchi is an entrepreneur, CEO of Italy-France Group and founder of Club France-Italie, an organization dedicated to cooperation between France and Italy.
The points of convergence between Draghi and Macron on the recovery fund and on economic recovery could lead to subsequent rapprochements between these two countries which would have a lot to gain from better political synergy.
With the exit of German Chancellor Angela Merkel from the national and European scene, France and Italy could jointly take the leadership of the EU to push for a new European model, less German-centric and more consistent with the economic and political values of the old. continent.
Italy and France: a common fight to regain competitiveness and relaunch European construction
Italy and France are for each other, and for a long time, major economic partners in Europe. France is Italy's second largest customer and second largest supplier. Italy is France's second customer and also its third supplier. Their economic interaction has continued to increase over the years, reaching 81 billion euros in 2019. As for economic exchanges, in 2020, the two countries, strongly impacted by the Covid-19 crisis, reduced their exchanges economic costs at 71.3 billion euros (i.e. 195 million exchanges per day), including 32.2 billion euros of French exports to Italy (-14.2% compared to 2019) and 38.9 billion euros of Italian imports into France (-10.4% compared to 2019). All Italian exports to France fell,with the exception of those relating to pharmaceutical products, which increased by 55.2% to reach 2.4 billion euros. Despite the loss of 10 billion in 2020, linked to the Covid-19 pandemic, economic exchanges started to rise again at the start of the year, driven by an economic recovery which, even if timid, clearly shows the sign of a reprise. The two countries are going through an economic and social crisis and they urgently need structural reforms to regain their competitiveness and reduce their gap vis-à-vis Germany and the countries of Northern Europe.driven by an economic recovery which, even if timid, shows the sign of a recovery. The two countries are going through an economic and social crisis and they urgently need structural reforms to regain their competitiveness and reduce their gap vis-à-vis Germany and the countries of Northern Europe.driven by an economic recovery which, even if timid, shows the sign of a recovery. The two countries are going through an economic and social crisis and they urgently need structural reforms to regain their competitiveness and reduce their gap vis-à-vis Germany and the countries of Northern Europe.
The key figures of a strong cooperation that lasts over time
To better understand the Franco-Italian potential, it is first necessary to know the interdependence of these two countries and their synergy from an industrial and financial point of view.
These elements represent the mirror of a strong relationship which, despite hard trials, is much more important and concrete than the media interest in it might suggest.
The Franco-Italian economic ecosystem is made up of more than 4,000 companies located on both sides of the Alps, which represent more than 300,000 employees in different sectors such as banking, automotive, chemicals, aerospace, energy, construction and public works, the naval sector, the steel industry, fashion, the food industry, transport and capital goods. Cross-direct investments reach a value of 110 billion euros. While purely financial investments are higher on the French side, Italian investments in France are increasing exponentially every year, making the transalpine country the third largest foreign investor in France, after Germany and the United Kingdom. It is also the first country in Europe for investments in R &D and the second in the world, just behind the United States.
Among the main French groups present in Italy, we find LVMH, Kering, BNP Paribas, Crédit Agricole, AXA, Lactalis, Engie, Michelin, Air Liquide, Alstom, Thalès, Décathlon, Leroy Merlin, Vivendi via Telecom Italia, Iliad, Saint- Gobain.
Concerning the main Italian groups present in France we find FCA, Generali, MSC Croisière, Prysmian, Edizione (Autogrill), CIR Group (KOS and Sogefi), Ferrero, Barilla.
France and Italy: a set of assets and common interests to be developed
France and Italy alone represent two thirds of the European gross national product.
The two countries have many assets and common interests in various strategic sectors and they could benefit from this by further intensifying their synergy both economically and politically.
Their cooperation has already set an example by giving birth to important international groups such as Thales-Alenia Spazio and Telespazio, Fincantieri and Navalgroup, ATR - Avions de transport régional, STMicrolecttronics, Stellantins, Essilor lux. The two countries could continue their industrial integration in other strategic sectors such as research and innovation, the pharmaceutical industry and defense. Remember that there are also other sectors fundamental to the economy of the two countries which could be further developed, such as the culture and tourism industry, the food industry, luxury goods and the art of living.
To move forward in this cooperation, a strong common will is needed on the part of all the institutional and political actors, even if the latter do not belong to the same European political parties. The conditions must be created for the subsequent institutionalization of the bilateral relationship, an element which may prove to be fundamental for progress and convergence in the new continental context of the European Union, especially since it would be necessary to take advantage of the Angela Merkel and Brexit left the scene to reorganize the European chessboard, in order to regain the upper hand of a Europe which has too often shown itself in recent years disorganized and incapable of dealing with the various concerns of member countries in terms of security, jobs and growth.
