Nagel (Bundesbank) for extreme right rise: Destructive for Germany an exit from the euro

The current rise in right-wing extremism as it threatens the country’s prosperity, its head, Joachim Nagel (Yoakim Nagel), who stressed how disastrous an exit from the euro would be. “I call on everyone not to lightly take the threat of right extremism,” Nagel stressed in an interview with German media, as he explained in Germany that “right extremists also scare investors and skilled workers from abroad.” Nagel, like many people in Germany, expressed concern about the recent series of far-right, anti-immigration parties Alternative to Germany (AfD). Taking advantage of the concern of many German voters over the increasing number of asylum applications in the country, the AfD explosion has led to intense discussions in society in general. Thousands of people have been involved in demonstrations against extremism throughout the country in recent months. Nagel also said he is very concerned about developments. “That’s why I recently participated in a rally for democracy in Frankfurt for the first time in my life”. The President of the Bundesbank said he does not want to minimize the enormous challenges facing the country and also called on business organisations not to underestimate the economic situation. “But we must not make the situation worse than it really is. Otherwise no one will come to Germany and not invest. We are not the patient of Europe,” Nagel stressed. He went on to say that he is not satisfied that the country’s economy is simply “flipping to the surface” this year. However, Germany is in a special situation because its large and open economy was particularly affected by the war in Ukraine. At the same time, Nagel pointed out the stable labour market, noting that “Germany has almost full employment”. The central banker called for even more ambition in terms of tax cuts and red tape reduction. The Development Opportunities Act contains fewer tax reliefs than originally planned, but it is now important to actually implement it, it completed.