Germany EU exit would be 'extremely dangerous', Deutsche Bank CEO warns

Germany EU exit would be 'extremely dangerous', Deutsche Bank CEO warns
Credit: Niklas Jeromin / Pexels

Deutsche Bank’s CEO, Christian Sewing, has cautioned about the perils of rising right-wing extremism in Germany, while also offering a rebuke of Germany leaving the European Union.

The bank chief was speaking on the topic after it was revealed that the far-right Alternative for Germany (AfD) vowed to campaign for a referendum on Germany's EU membership.

The far-right party announced the move as it tried to move focus away from the exposed migrant mass deportation plan, which triggered nationwide protests in Germany last weekend.

Concerning the chances of a Dexit, akin to Britain's Brexit, Deutsche Bank’s CEO viewed this as "extremely dangerous, ill-considered, and economically nonsensical".

Referring to the negative implications Brexit has had for the British economy, Sewing stated that "Europe is our biggest asset in the global competition."

Sewing believes that a return of the far-right to power would mean the country’s economy could suffer.

"There should be no place in our country for hatred and racism," said Sewing, who also holds the chair at the Association of German Banks (BdB), in an interview with the German newspaper Welt am Sonntag.

He emphasised that compelling economic arguments exist to combat this issue.

"Foreign investors are attracted to Germany because of its reliable democratic values and structures. They wonder whether they can trust this in the long term," he argued.

Moreover, Germany could only address its shortage of skilled workers “if we are an attractive destination for qualified workers from overseas,” he added.

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