Monika Schnitzer, chair of Germany’s Economic Advisory Council, has publicly opposed the federal government’s stance on the potential acquisition of Commerzbank by Italy’s Unicredit.
Schnitzer argued that, from an economic perspective, it is sensible to carefully evaluate cross‑border consolidations rather than automatically resisting them for political reasons. She pointed out that the European financial market remains poorly integrated and that German banks, on average, are less productive and therefore less competitive than some of their international peers.
The Economic Advisory Council is the primary economic‑policy advisory body for the German government. By taking this position, Schnitzer is directly countering statements made by Finance Minister Lars Klingbeil of the SPD. In a February interview with the FAZ, Klingbeil reiterated the government’s unchanged strategy: “We are focusing on Commerzbank’s independence and are supporting it. What we have experienced from Unicredit towards Commerzbank was unfriendly and objectionable. The previous administration and the current one have always rejected such overtures. I am in agreement with the chancellor on this”.
In her comments to the FAZ, Schnitzer also explained that large bank mergers are now viewed more positively in terms of financial stability than they were before the global financial crisis. Local branch‑closure concerns and individual job losses, she said, should be considered secondary to the broader economic goal of raising productivity and improving sectoral efficiency. “The focus should be on structural change: increasing productivity and making the banking sector more efficient” she emphasized.
From a macroeconomic standpoint, a pan‑European bank merger could be advantageous because it weakens the close link between national governments and their respective banks, thereby diluting the implicit state‑rescue reflex. “An objective assessment should therefore be based less on national concerns and more on whether a stronger, truly European banking market emerges” Schnitzer concluded.