German Finance Minister Lars Klingbeil said Germany sees no need to revise its stance on common European debt, backing Chancellor Friedrich Merz in opposing recent calls for more joint borrowing.
“There are currently sufficient funds available,” Klingbeil said in an interview with Frankfurter Allgemeine Zeitung published on Sunday. “I don’t see any need for the government to change its position at this time. The focus now is on greater efficiency and speed.”
Calls for joint debt issuance at the European Union level have intensified recently, with French President Emmanuel Macron reviving the idea ahead of a 12 February leaders’ summit to discuss the bloc’s flagging competitiveness. While Merz rejected the push at the time, Klingbeil noted that the debate is shifting, as Deutsche Bank Chief Executive Officer Christian Sewing and Bundesbank President Joachim Nagel have signalled a new openness to joint debt.
“I do notice that the discussion is changing,” Klingbeil said. Sewing and Nagel “are new voices in the debate,” he said.
Asked about renewed speculation that European Central Bank President Christine Lagarde could step down early, potentially opening the door for Nagel, Klingbeil said her succession “is not currently on the agenda.”
Nagel is among potential candidates who’ve signalled interest in succeeding the Frenchwoman.
“We’re an important player when it comes to the future of the ECB,” Klingbeil said and praised Nagel, while noting that Lagarde has given no indication she’ll leave before her term ends in October 2027.
He also reaffirmed government support for Commerzbank’s independence, rejecting what he called “unfriendly” moves by UniCredit.
“We’re committed to Commerzbank’s independence and are supporting it in this endeavour,” Klingbeil said. “There’s always the possibility of a hostile takeover. We reject that. That is why we are clearly committed to Commerzbank’s independent strategy.”