Deutsche Bank CEO warns right-wing extremism could damage economy

Deutsche Bank chief executive Christian Sewing has warned of the dangers of growing right-wing extremism in Germany - including for the country's economy.

"Hate and racism must have no place in our country," said Sewing, who is also President of the Association of German Banks (BdB), in an interview for the Sunday edition of Die Welt newspaper seen in advance by dpa.

From an economic perspective, there are also many reasons to take a stand against this, Sewing said.

"Foreign investors are also getting involved in Germany because of its reliable democratic values and structures. They are already asking whether they can trust these in the long term."

Moreover, Germany will only get to grips with the shortage of skilled labour "if we are an attractive destination for qualified workers from abroad," he said.

Sewing emphasised that considerations of a German exit from the European Union, which he referred to as "Dexit," analogous to the British exit "Brexit," are "highly dangerous, ill-considered and economic nonsense."

The negative consequences of "Brexit" for the British economy are all too obvious, he said, adding that Europe is "the greatest trump card we have in global competition."

Leader of the right-wing extremist party Alternative for Germany (AfD), Alice Weidel, recently said in an interview that a government led by her party would try to reform the EU and give the member states more sovereignty again.

If this does not bring the desired result, she believes there should also be a referendum in Germany on remaining in the EU, as there was in the UK in 2016.