Deutsche Bank Chief Christian Sewing, painting a bleaker assessment of the German economy, warned on September 7, 2022, that China was a considerable risk for the nation and that Europe required big banks to fend off American competitors. Moreover, the CEO of the nation’s top lender said Germany would no longer be able to avert a recession after it became too dependent on Russian energy. The article contains European Bankers Alerted on Recession, China And US Banks.
Russia has suspended gas supplies via an effective pipeline to Germany, strengthening an economic battle between Moscow and Europe and raising the prospects of recession and energy rationing in some of the region’s wealthiest countries. Sewing, conveying at a banking conference in Frankfurt, said Europe had learned how dangerous it was to be too dependent on individual countries or regions. He also told Germany must now face the awkward inquiry of dealing with China, given its increasing isolation and growing pressures.
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