German Business Leader Urges Productivity Boost
Joachim Wenning, chairman of the Munich Re reinsurer, has called for increased productivity from the German people. According to an interview with the Handelsblatt, he believes that Germany meets all the prerequisites to return to its former economic strength, but this path is accompanied by challenges and cutbacks. Wenning emphasized that any good economic policy also creates distributional disadvantages, stating that what ultimately matters is the overall economic benefit.
The reinsurer praised the initial impulses of the new federal government, expecting it to tackle bureaucracy, albeit in a cautious and deliberate manner. He cautioned against the misconception that the bureaucracy can be eradicated through a single stroke.
Wenning also touched on the US tariffs, stating that the reinsurance business is only indirectly affected. He saw the capital flight from the US as an opportunity for Europe and Germany, urging the country to seize the chance and become more attractive to foreign investors in the long run. By doing so, Germany can ultimately benefit.