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Deutsche Bank CEO: Germany cannot prevent recession

Deutsche Bank CEO Sewing has revealed a pessimistic picture for the German economy.

“Germany can no longer prevent a recession,” said Deutsche Bank CEO Christian Sewing, speaking at a conference in Frankfurt.

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Noting that Germany must now face the “difficult question” of dealing with China, given the growing isolation and growing tensions, Sewing stressed that “reducing dependence on China requires fundamental change as much as a complete break with Russian energy.

Repeating the call for cross-border banking consolidation in Europe, Sewing said, “We must create the right conditions for large banks in Europe to compete equally with America.”

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