Recession-hit Italy needs the European Central Bank (ECB) to launch a full-scale quantitative easing program (QE) in order to buy Italy – and the rest of Europe – time to enact reforms, the chief information officer at Generali told CNBC, but the bank needs to go "beyond sovereign bonds."
"If you do QE – and you don't just do it in bonds, you should do it in equities as well – and I think it's very, very important that it goes beyond sovereign bonds," Nikhil Srinivasan told CNBC Europe's "Squawk Box" on Wednesday, "you buy more time and then you need the governments in France and Italy and wherever else to implement the reforms they're meant to implement."
Speaking to CNBC in Milan, Srinivasan said that he believed the ECB President Mario Draghi had "done his best" in the euro zone, but now there was "no other option" but to launch a full scale sovereign bond-buying program.
The ECB is considering sovereign bond purchases as a way to stimulate the deflation-hit euro zone and could announce a program when it meets on January 22.
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