Germany needs to implement structural changes if it wants to prevent a political shift to the right, Commerzbank CEO Manfred Knof told CNBC at the Handelsblatt Banking Summit 2023.
When asked if he was concerned that the rise of right-wing parties in Germany was a potential threat to the German economy, Knof said the population is unhappy and could see that structural problems aren’t being solved.
“For a long time we were pretty much in good shape and maybe asleep and not ready to modernize and tackle the structural necessary changes and modernizations,” Knof said.
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