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'There is no future outside of Europe,' Generali CEO says

  • Italy will follow suit with France and elect a pro-European government in next year's general election, says Generali CEO.
  • Philippe Donnet says there is no future for Europe outside of the European Union and the euro zone.

Italy will follow suit with France and elect a pro-European government in next year's general election, because to think there is an alternative is an "illusion", the chief executive of Generali told CNBC.

"As you have seen the result of the election in France was a very pro-Europe result. I think the same thing will happen in Italy because, once again, to think there is a future outside of Europe is an illusion," Philippe Donnet told CNBC Friday on the on the sidelines of the Ambrosetti Forum in Italy.

"There is no future outside of Europe. There is no future out of the euro," the leader of Italy's largest insurance group said.

Italy is due to head to the polls by May 2018. The country's ruling centre-left Democratic party hopes to retain power, though right-wing parties have tried to capitalize on the European migrant crisis, which has severely impacted Italy.

Assicurazioni Generali's CEO Philippe Donnet is pictured during a press conference concerning the restoration of the Royal Gardens of Venice by the Venice Gardens Foundation in partnership with Assicurazioni Generalion April 7, 2017
MIGUEL MEDINA | AFP | Getty Images
Assicurazioni Generali's CEO Philippe Donnet is pictured during a press conference concerning the restoration of the Royal Gardens of Venice by the Venice Gardens Foundation in partnership with Assicurazioni Generalion April 7, 2017

Local elections in June, seen as a final litmus test ahead of next year's election, saw success for the centre-right in 15 of the country's largest cities.

The general election comes after former Democratic Prime Minister Matteo Renzi failed to win support for proposed constitutional reforms in December 2016.

Donnet said, however, that the current government continues to drive ahead with reforms and EU-integration, and he is confident that this can be expected of successive Italian governments too.

"Italian people are very pragmatic. The reality is that there is no way out of Europe, there is no way out of the euro zone. There is no way (other) than continuing the reforms.

"Everybody knows that so I'm convinced that, whatever the result of the election will be, Italy will continue in the right direction."

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