Federico ghızzonıs ceo of Unicredit, one of the world's leading financial institutions... He is someone who knows Turkey very well. When Unicredit entered the Turkish market by taking a 50 percent stake in Yapı Kredi, he was the one responsible for its operations in Turkey. Ghizzoni served for five years in the management of Yapı Kredi in Turkey and played an influential role in the bank's performance. Last year, in a transfer which attracted a lot of attention, he was appointed CEO of the group. We met with Unicredit CEO Federico Ghizzoni during a brief visit he made to Turkey last month. Capital conducted a very enjoyable, exclusive interview. The answers he provided to our questions were as follows:
Is it possible to say that, in the current situation, the traces of the global crisis have completely gone?
- The picture is still stable. Global political developments are putting pressure on the markets. But, from a macro economic perspective, we can talk about a recovery in the global economy. This recovery is more pronounced in developing countries such as Asia and South America. In Europe, countries such as Turkey are raising the overall performance. The situation is similar in America. The basic problems are in Western Europe. Germany is going well but the other countries have problems. The result is that we are going in the right direction. But there are still some uncertainties.
: What are the most important risks you see on the global markets this year and afterwards?
- There is still a lot of volatility. The picture in North Africa is putting pressure on the prices of goods. The most important risk is a rise in the price of oil. In Europe and one part of America, unemployment continues to be a risk. I don't want to be pessimistic. I think positively. I can say that the most difficult period of the crisis is in the past, but we must still watch the markets carefully.
Which of these risks do you think can have a direct impact on the Turkish market?
- Oil prices affect every country. In Turkey, I don't think that unemployment will be a very big problem when the economic growth rate is 4-5 percent. At this level, labour force participation will be lower. However, the situation is different in developed countries. It is difficult to deal with an unemployment rate of 10 percent in
countries where the annual growth rate is 1¬1.5 percent. In the Turkey, the growth trend will continue. This year it may be a little less than in 2010.