Christian Sewing, CEO of Deutsche Bank, warned that the growth of the far right in Germany could harm the economy.
The CEO of Germany's largest bank said in an interview with the newspaper: “Hatred and racism should have no place in our country. From an economic perspective, there are also many reasons to stand against this.” Welt am Sonntag.
He says investors from abroad are attracted to the country's “trusted democratic values and structures.” But he says they are now wondering whether they can rely on that in the long term.
Opinion polls indicate that the far-right Alternative for Germany (AfD) party could become the largest party in elections in three states later this year. This party is, among other things, against the arrival of foreigners and against the European Union. Regarding migrant workers, Seving says Germany can only address the shortage of skilled workers if it is an “attractive destination for skilled people from abroad.”
Alice Weidel, a leader of the Alternative for Germany party, recently called for a referendum on Germany's membership in the European Union. But considerations for leaving the European Union, according to Swing, are “extremely dangerous and ill-considered economic nonsense.” He says the negative consequences of Brexit on the British economy make this clear.
Chancellor Olaf Scholz also expressed concern on Saturday about the rise of the far right. The Factory and Machinery Building Trade Association (VDMA) also criticized the AfD's ideas earlier this week.
