The head of Germany’s stock exchange said the nation is becoming a “developing country” and described its stock market as “a junk shop”, according to the Daily Telegraph.
Theodor Weimer, the CEO of Deutsche Börse, blamed a “lack of leadership” from Chancellor Olaf Scholz’s coalition for deterring international investors, the paper said.
Speaking to business leaders, he expressed concern over Germany’s reputation and criticized economics minister Robert Habeck, calling Scholz’s governance a “catastrophe.”
Germany’s economy, which was in recession last year, is projected to grow by just 0.2% this year, making it the slowest-growing major economy according to the IFO Institute.
The German stock market is also struggling, with major companies like Linde relocating to the US and missing out on domestic listings such as Birkenstock and BioNTech. The Dax index trades at a 25% discount to the US S&P 500.
Weimer also criticised Germany’s migration policy, highlighting a lack of skilled workers with necessary language skills.
His remarks, made in April but gaining attention in the media currently after a video release, have sparked backlash from the ruling coalition.
Social Democrat Verena Hubertz dismissed the speech as more fitting for a “beer tent” than a top executive, while Green Party spokesperson Sandra Detzer warned that such criticism harms political culture and the economy's prestige.
Germany’s government, composed of the SPD, Greens, and FDP, faces opposition from the CDU. A Deutsche Börse (ETR:DB1) spokesperson noted that Weimer’s views reflect discussions with international investors and his tendency to address issues frankly.