FRANKFURT, (Reuters) – Germany will face a steep recession if there is a stop to imports or delivery of Russian gas and oil, a top German bank lobby warned on Monday. Europe’s largest economy is heavily dependent upon Russia for energy, and nations banks echoed concerns over possible energy disruption expressed by big names in industry in recent days. Christian Sewing, the chief executive of Deutsche Bank, said in his role as president of Germany’s BDB bank lobby that banks expected sharply slower growth this year of around 2% due to the war in Ukraine.
“The situation would be even worse if imports or supplies of Russian oil and natural gas were to be halted. A significant recession in Germany would then be virtually unavoidable,” Sewing told journalists.
“The question of government aid measures for companies and sectors would then become even more urgent,” he said. Sewing once again called on the European Central Bank to act to fend off inflation. He said the ECB should end its net asset purchases soon and should send a signal with interest rates. “A signal that is urgently needed,” he said. NN: Thier is no good solution here. Putin has the EU by the balls and he damn well knows it. Threats of sanctions will not dissuade him. Putin knows he has all the aces he has been cafeuul setting them up for years….. And threat of him being tried as a war criminal is a sick joke. He will never stand trail in the Hague. Worse he is not a stupid man… Evil Yes stupid NO….. nothing beats a live demonstration to get your point across. Biedn makes idle threats Biden speaks with actions. What you see happening in the Ukrainians is sad and may not mean much to you. But to a Romanian or a Pole its speaks volumes… Its their worse nightmare. And i think they al know deep down inside the US and the EU will sell them out when the time comes and yes the time is coming.