Cernobbio, Zangrillo: 800,000 new recruits to the civil service in four years. Del Vecchio Jr: Delfin will choose the best offer for MPS

“The Italian economy has proved resilient. We have made cautious forecasts, taking into account the tariffs and the situation in the Middle East. Compared with a growth forecast of 0.6 per cent, we have now reached 0.8 per cent. If things go as the indicators suggest, we could approach 1 per cent” by the end of the year. This was stated by the Minister for the Economy, Giancarlo Giorgetti, speaking at the Teha Forum in Cernobbio. “We haven’t been outstanding, but the ship has stayed afloat,” the minister added as he concluded his speech at the Teha Forum in Cernobbio. Giorgetti then emphasised: “And I can assure you that Italia is much more respected abroad than at home.”

Regarding the reorganisation of Delfin, “there are plenty of projects, but it should be the board members who announce them, not the shareholders, given that they are the ones who claim to be in charge.” This is Leonardo Maria del Vecchio’s dig at the holding company’s board of directors. When asked whether his confidence remains intact, he explains that, from his point of view, there is ‘a great deal of anticipation, following four years of inactivity or activity that has diverged from what should be their role as Delfin’s custodians’. And this “given that their term of office is for life, so they are not appointed every three years like managers of any other company. The stewardship and execution of the will have still not been carried out” and “I think I have been the only one trying to finalise the succession”.

“The aim was ‘much more than just increasing our stake in Delfin; it was to finalise our father’s succession’.” Del Vecchio Jr recalls how he was prepared to take on 10 billion in debt, “the rest is history. ‘Now I’d like the board members to act like board members, but full-time, not part-time.’ As for the holding company’s new auditors, “I’d like them to do their job”, because, compared with the board of directors in recent years, there has been little “sharing of strategic plans with shareholders by the board”.

As for the bids centring on MPS – in which Delfin holds a stake of over 17 per cent – the holding company’s board of directors “hasn’t asked us yet. I hope they will ask us.” So said Leonardo Maria Del Vecchio once again, speaking to journalists during a break in proceedings at the TEHA forum in Cernobbio. “Banks,” he said, “are a financial investment. The industrial investment that needs protecting is EssilorLuxottica. It is currently down 50 per cent; let’s bring it back up to 300 euros,” he concluded.

“No, on the contrary, we have called for that stake to be retained in this context, precisely to safeguard the one thing that should matter to a government: a sound banking system capable of serving businesses, citizens and households well, and, of course, of safeguarding jobs and local roots.” This was how the secretary of the PD, Elly Schlein, responded on the sidelines of the Teha Forum to a question about whether the Treasury should divest its stake in MPS. “I have always believed that the government took a heavy-handed approach – wrongly so – to the issue of banking risk,” Schlein recalled. “It was also pointed out here this morning that this led to problems at UniCredit, allowing the French stake in Banco BPM to gain the upper hand,” she says, before adding: “So much for the sovereignty and nationalism they keep talking about. This is what I think: I believe the government should not intervene so heavy-handedly in these matters to favour more or less friendly consortia,” she concludes.

“We are working on it” and “we are meeting with trade union representatives on Tuesday”: there is a commitment to “leave no one behind”. This was stated by the Minister for Labour, Marina Calderone, on the sidelines of the Teha Ambrosetti Forum in Cernobbio, regarding the crisis at the former Ilva. “It is a complex crisis, certainly linked to the findings of the Milan Court of Appeal’s judgement, which is currently the subject of an appeal by the special administrators and commissioners,” she reports. “We are, of course, awaiting the outcome of this, but at the same time we are carrying on with our work. I have already said that, as Minister for Labour, my aim – and above all my commitment – is to leave no one behind,” she emphasised. “I believe this is an important factor: it is a company with a long history and, above all, with vital expertise in the steel sector in our country. We are also waiting to understand the details of any potential takeover bids that are coming in,” she concludes.

“I believe that all Delfin shareholders will weigh up the options to identify the best financial offer and the best prospects for the future.” So said Leonardo Maria Del Vecchio, speaking at the Ambrosetti Forum in Cernobbio, on the subject of the banking sector’s turmoil (the Delfin holding company owns 17.53 per cent of the Siena-based bank). The choice between the various takeover bids on the table, adds Del Vecchio Jr., will be made “without neglecting the necessary consideration for Italia as a country”. As for Delfin, ‘I believe this is a new phase, in which shareholders must engage in dialogue and restore the board to its natural role, which is to implement the strategies of the majority of shareholders’, adds Del Vecchio, speaking about the reorganisation of the family holding company. These comments come after the founder of LMDV sent a formal letter in recent days to Delfin’s ‘commissaires aux comptes’, asking them to launch an investigation into a series of critical issues identified in the management of the board of directors of the Luxembourg-based holding company, starting with a series of conflicts of interest involving certain board members.

Reaching 700 billion in exports “is possible” and there is a good chance the target will be met in 2027. This was stated by SACE Chairman Guglielmo Picchi in Cernobbio at the TEHA Forum. ““Last year we finished on 643 billion,” he said. “I believe that with strong growth we will approach this psychological threshold of 700 billion this year, and I believe it can be reached in the course of 2027, thereby achieving the legislative goal set by this government”. Italian exports in the first half of 2026 – Picchi emphasised – “have once again proved to be a key driver of Italia’s GDP growth. We have exceeded even Sace’s own forecasts. We expect that, despite everything happening around the world, the result will be in line with last year’s – which translates to 2–3 per cent growth over the whole year – and given the wars, I believe this could be a great achievement for Italia”. Picchi points out that “there is a very strong demand for Italian quality all over the world”. “I’ve just returned from Taiwan and there is a real hunger for joint industrial research projects, whilst many other parts of the world are seeking Italian manufacturing,” he states “So, from what I’ve observed here in Cernobbio too, it’s clear that despite all the difficulties, there is still that ‘lucid madness’ of the Italian entrepreneur that drives them into foreign markets and encourages them to invest. I therefore believe that, in the end, the results will come and that exports can truly be the driver of the country’s growth.”

“We must transform the electricity generation landscape, which currently consists of 120 GW of thermal power, a figure that will be surpassed for the first time in 2025 by renewables”. This was stated by the Minister for the Environment and Energy Security, Gilberto Pichetto Fratin, speaking at a session of the TEHA Forum in Cernobbio. “We have a plan (Pniec, ed.) that is set to take us to 131 GW by 2030,” he explains, “and we are on schedule.” “As of 30 June,” he added, “we had added 28 GW out of the 38 authorised.” The minister pointed out that “today we consume 320 TWh of energy and by 2050 we will be consuming 150 TWh more.” “We cannot envisage a future where the country relies solely on fossil fuels and renewables,” he argues, “as these are not programmable; we must consider batteries and energy storage, but in the long term we absolutely must integrate our energy production with new nuclear power.” “By the end of the month,” he states, “we will have the enabling act, and by the end of the year the implementing decrees, to establish a legal framework for bringing nuclear power generation back to our country.” “Nuclear power,” he concludes, “must be built using reactors that we cannot even dream of having before 2032, 2033 and 2034.”

The Treasury should divest its stake in MPS. This is what the leader of Italia Viva, Matteo Renzi, claimed on the sidelines of the Teha Forum in Cernobbio. “The fact that he is delaying the exit shows that Giorgetti imagines he has a role to play, but the problem isn’t that a choice can be made between MPS and BPM; it’s the whole system: they have used the Golden Power against Orcel, which is a huge deal,” he continued. According to Renzi, “the government has caused damage to the banking sector. Ask the Minister for the Economy what logic led him to oppose a market transaction by UniCredit involving BPM, claiming he could use the Golden Power against an Italian bank. I find it an abominable act which, amid the silence of the financial community, has been perpetrated by Giorgetti in the interests of the League,” reiterated the leader of Italia Viva. “Using the ‘golden power’ against one of Italy’s leading banks is a scandal. Not content with that – having waged war on Orcel – Giorgetti is now trying to thwart Messina and Cimbri. I won’t go into the details of the banking game of Risk, which is none of my business, but I will say that the Minister for the Economy should, as a general rule, respect market operators – but especially when Italians are involved,” Renzi added, pointing out that the government “used the ‘golden power’ against an Italian bank by handing BPM over to the French”.

“At a time when the Italian political debate is highly polarised, we welcome the fact that the energy transition, combined with physical artificial intelligence, has been identified as the key driver of economic and business growth for our industry and Italian supply chains. This is the key message we take away from Cernobbio, in the hope that we can begin to work swiftly and effectively with institutions and businesses so as not to lose the competitive advantage offered by a winning insight that Europe has not yet fully embraced. Now, with the 14 billion that the EU has made available, we have the opportunity to take action.” These were the words of Floriano Masoero, CEO of Siemens Italia, at the Teha Forum in Cernobbio.

“I, too, believe that the path of an arms race amongst the 27 individual states, with their uncoordinated armies, does not increase the efficiency of military spending nor does it enhance deterrence.” This was stated by the secretary of the PD, Elly Schlein, at the Teha Forum in Cernobbio. “Having the courage to take a giant leap forward in integration also means developing a genuine common defence,” she added, “towards a common army. However, if you mistakenly accept a 5 per cent increase in military spending and are not in favour of a common European defence – which is Giorgia Meloni’s position – it can only mean one thing: buying more weapons from Trump.”

The Meloni Government’s record has been praised after almost four years in office, whilst the view of the audience of over 200 business leaders and managers regarding the opposition parties has grown more critical. This is what emerges from the online survey conducted during the 52nd edition of the Forum organised by Teha Group, The European House – Ambrosetti at Villa D’Este, Cernobbio. When asked to rate the Meloni Government’s performance on a scale from 1 (very negatively) to 9 (very positively), over two-thirds of businesses (68.3 per cent) gave a positive rating (scores from 6 to 9). In detail, the most common rating was 7, with 33.3 per cent of respondents choosing it, followed by 8, chosen by 20.0 per cent of respondents, and the maximum score of 9 (very positively), at 6.7 per cent. A score of 6 was given by 8.3 per cent of the sample. A score of 5 stood at 10.0 per cent, whilst negative assessments (scores from 1 to 4) totalled 21.7 per cent. The picture is quite the opposite for the opposition parties, whose performance is judged negatively (ratings from 1 to 4) by 83.0 per cent of respondents, an increase of ten percentage points compared with the 73.0 per cent recorded in 2025. In detail, the proportion of those awarding the lowest rating of 1 (very negatively) has doubled, reaching 23.7 per cent (compared with 11.9 per cent in 2025); a rating of 2 accounts for 18.6 per cent (up from 15.3 per cent), a rating of 3 stands at 25.4 per cent (down from 28.8 per cent) and a rating of 4 at 15.3 per cent (down from 17.0 per cent). The 5 rating has fallen to 10.2 per cent (from 13.6 per cent in 2025), whilst overall positive ratings (ratings from 6 to 9) have halved to 6.8 per cent from 13.6 per cent last year: a rating of 6 stood at 3.4 per cent (down from 8.5 per cent), a rating of 7 stands at 1.7 per cent (unchanged), a rating of 8 at 0 per cent (unchanged) and the maximum score of 9 (very positive) at 1.7 per cent (down from 3.4 per cent in 2025).

“The picture doesn’t add up: in Italia we’re seeing a fall in production, zero growth despite the NRRP, and energy costs that are among the highest in Europe. We must get this country moving again.” So said Elly Schlein, secretary of the Democratic Party, in her speech at the Teha Forum in Cernobbio. In particular, the secretary focused on the energy issue: “We need to accelerate decarbonisation to bring down energy costs. Today we have presented a proposal to the government” to use the €14 billion in flexibility under the Stability Pact that the European Commission has granted to Italia: ‘Two billion for the ‘thermal account’ – that is, replacing boilers with heat pumps; a further three billion for improving the energy efficiency of social housing; four billion to support businesses in the electrification of medium- and low-temperature industrial processes; three billion for local public transport and two billion to support the development of energy storage networks, batteries and electric vehicle charging points. Finally, we must accelerate the roll-out of renewables with a single-minded focus on reducing authorisation times’ for projects.

“Political stability certainly has its value, but four years in government perhaps warranted a more incisive approach to planning and strategy to help the country grow.” So said Giuseppe Conte, leader of the M5S, speaking via video link at the Teha Forum in Cernobbio. “We have already worked together on the programme; we have already put together significant proposals on labour and environmental policies, as well as some important elements such as the law on conflicts of interest,” he added, emphasising that “on foreign policy, our positions are very clear; we all agree that Europe does not stand to gain from the military escalation that is draining vast amounts of resources”. According to Conte, “some sectors have benefited whilst others have not, and the military commitments have been drawn up irresponsibly; Meloni knows that we cannot spend 5 per cent of the budget on armaments”. Finally, with regard to foreign policy and, in particular, the conflict in Ukraine, Conte emphasised that ‘Europe gains nothing from continuing a military escalation that is leading only to a policy of rearmament which is draining resources’.

‘I think it would make sense to hold the election in May because half of Italy votes then.’ So said the leader of Italia Viva, Matteo Renzi, in his speech at the Teha Forum in Cernobbio. According to Renzi, holding the election in May ‘would avoid a summer election campaign. The primaries would then be held on that basis. It’s a bit like the Palio di Siena, and the horse entering the arena is Meloni, who decides when the vote takes place.” He then added, “Salvini will turn up – he’s usually late for everything – and you can ask him if he intends to delay the elections as well.” According to Renzi, “to win the election, I think we need a place or a base to tap into the support of those who want a reformist vote.” A comment on the banking risk dossier: “Does it seem normal to you that the Golden Power was applied to UniCredit in the BPM deal, with the latter being handed over to the French? Does it seem normal to you that, in a deal being led by two major figures such as Carlo Messina and Carlo Cimbri, the government has decided to abandon its neutrality and stick its nose into the matter? And everyone’s keeping quiet.”

‘I am convinced that “extra profits” or “extra losses” are not concepts that exist in economics; what does exist is higher profit, where there is an advantage or favourable market conditions and someone makes higher profits due to higher revenues.’ So said the Minister for the Environment and Energy Security, Gilberto Pichetto Fratin, speaking on the sidelines of the Teha Forum in Cernobbio. The minister reiterated that one cannot resort to ‘state mechanisms that arbitrarily seek out extra profits’ by relying on ‘a concept that does not exist’ and which is detrimental, because in this way ‘market certainty is not provided’. “It is a different matter altogether when it comes to the wider corporate sector, namely national companies that bear a responsibility and many of which are also partly state-owned. Asking for a contribution, agreeing on a contribution, has already been done; it was done through the February energy bills decree, with a measure that in this case involved a sum of 500 million, but was financed in this way through an increase in IRAP’, the minister concluded.

‘We are working on the programme; the question of who will lead the alliance will come after the programme has been finalised. I am, however, convinced that we will govern Italia and, together with you, build a better Italia. I am convinced that we will win the elections.’ So said AVS co-leader Angelo Bonelli at the Teha Forum in Cernobbio. Turning to priorities, Bonelli believes that ‘the most pressing issue is the climate crisis, which is not the hoax that Trump claims it to be, but rather the issue on which the competitiveness of our businesses can be demonstrated. We need to protect Italian and European products from unfair competition; there is a need to create a public guarantee fund to help businesses with decarbonisation, followed by a process of simplifying regulations on renewables’. Finally, a reference to the leader of Futuro Nazionale, Roberto Vannacci. ‘People like Vannacci, who question the existence of femicide or the issue of equality, or who talk about racial supremacy, make me feel uneasy; we must say no to these people – they must be opposed’, he said, adding that ‘I would like to thank Senator Monti, who yesterday spoke clearly on this point. Seeing that in this country there is a right-wing that calls into question the founding principles of democracy worries me, and I think it should worry you too.”

Among the figures present on the final day of the Ambrosetti Forum in Cernobbio was Leonardo Maria Del Vecchio, who arrived at Villa d’Este early in the morning and had breakfast with the Undersecretary of the Ministry of Economy and Finance, Federico Freni. Also at the table with them was the former Telepass executive, Gabriele Benedetto, who is now vice-chairman of the LMDV family office.

“Giorgia Meloni is pleased to have broken the longevity record, but the Istat figures show us a country with more people living in poverty, lower purchasing power and rising living costs. The centre-left must put forward solutions to this,” said Italia Viva leader Matteo Renzi on his arrival at the Teha Festival in Cernobbio. When asked by reporters about yesterday’s speech by the leader of Futuro Nazionale, Roberto Vannacci, Renzi said that the General ‘represents a political line that is not unique to Italy, but can also be found, for example, in Germany with the AfD. It is the far right. The real question is: can Giorgia Meloni present herself to the Italian people by allying with Vannacci? In my view, no, because that would mean destroying her coalition and everything she has worked on over the past few years. ‘If Vannacci sides with Meloni, Meloni loses face; if Vannacci does not side with Meloni, Meloni loses the election,’ he declared.

“Unless governance changes, nothing will change.” For Marco Tronchetti Provera, the priority is political rather than economic. To return to growth and take its place at the tables where decisions are made, Europe must overcome the fragmentation amongst the 27 Member States, review the rules that hinder mergers in strategic sectors and establish a common defence policy.

The platform chosen by Pirelli’s executive chairman to issue his warning is the TEHA Forum in Cernobbio. Joining him in the discussion were Enrico Letta, EU Rapporteur for the Single Market, Henry Huiyao Wang, founder and president of the Centre for China and Globalisation, and Will Marshall, co-founder and CEO of Planet.

The foreign policy pursued by the Trump administration was roundly rejected by an audience of over 200 business leaders and managers gathered at Villa d’Este for the 52nd edition of the forum ‘The Current and Future Landscape for Competitive Strategies’, organised by the Teha Group, The European House – Ambrosetti at Villa d’Este, Cernobbio. This is what emerged from the online survey conducted during the second day of the event. When asked to rate the White House’s foreign policy actions on a scale from one (“very negatively”) to nine (“very positively”), over 90 per cent of respondents (90.2 per cent overall) gave a low rating of between one and four. Specifically, there was a sharp rise in the lowest rating of ‘one’ (very negatively), chosen by 58.5 per cent of participants – almost triple the 20.5 per cent recorded in the 2025 survey. Rounding off the range of negative ratings is the score of ‘two’ with 17.1 per cent (down from 23.1 per cent in 2025), a ‘three’ at 12.2 per cent (down from 12.8 per cent in 2025) and a ‘four’ at 2.4 per cent (a sharp decline from 15.4 per cent in 2025). The proportion of those awarding an intermediate rating of five stands at 4.9 per cent (compared with 7.7 per cent in 2025). There has been a marked decline in positive ratings (scores from six to nine), which have fallen overall to 4.8 per cent (compared with 20.5 per cent recorded in 2025): the score of six stands at 0 per cent (down from 5.1 per cent in 2025), whilst scores of seven and eight both stand at 2.4 per cent (down from 5.1 per cent and 10.3 per cent respectively in the previous year).

The final day of meetings and debates at the Ambrosetti Forum in Cernobbio. Following discussions on the global economy and the European Agenda, today’s focus is on Italia’s prospects. The traditional session dedicated to the opposition features Angelo Bonelli, spokesperson for Alleanza Verdi e Sinistra; Matteo Renzi, leader of Italia Viva; Elly Schlein, secretary of the Democratic Party; and, via video link, Giuseppe Conte, president of the Five Star Movement. The discussion then turns to energy policies, infrastructure and competitiveness with ministers Gilberto Pichetto Fratin, Matteo Salvini, Carlo Nordio and Paolo Zangrillo, whilst Minister Marina Calderone, alongside CNEL President Renato Brunetta, addresses the topic of employment, skills and opportunities for the younger generations. The closing session, dedicated to the economy and finance, will be led by Minister Giancarlo Giorgetti.

Further reading

Cernobbio, Vannacci: ‘The EU risks becoming irrelevant.’ Monti: ‘His is fascist rhetoric.’

05 September 2026