Sewing stressed the need for more efforts to address the growing economic challenges.
Germany, once a cornerstone of stability in Europe, has recently experienced a downturn. Geopolitical concerns, supply chain disruptions and rising energy costs are some of the factors causing this economic burden. Key sectors that have historically supported Germany’s economic strength, such as manufacturing and exports, are under pressure as a result of these difficulties. Now, Deutsche Bank CEO Christian Sewing has proposed a solution to Germany’s sluggish economy. He has urged Germans to work harder to help the country’s economy recover.
“Investors already doubt our ability to reform, but above all our ability and will to perform,” Sewing said at the Handelsblatt banking summit in Frankfurt.
“There will only be more growth in Germany if we also change our attitude towards work; if we are prepared to work differently, but generally more and harder.”
According to Fortune magazine, Sewing is right to point out the difference in working hours between the EU and Germany. Official data from 2023 suggests that the bloc’s average weekly working time is 36.1 hours, while Germany’s is just 34 hours.
Other European countries exceed the regional average, such as Greece, where the working week is 39.8 hours. Workers in Germany's industrial rival, the US, work an average of 36.4 hours, closer to the EU average.
Sewing, who has led the German banking giant since 2018, has previously called for policy changes to prevent the country from being dubbed “the sick man of Europe.” Now, he says, investors are starting to question whether the country has the ability to fight back.
“For over a year, investors have been telling us that they doubt Germany's and Europe's ability to deliver, and worse, their will to deliver,” Sewing said. “We simply need to tell our fellow citizens that we need to do more again.”