The sun sets behind the lignite-fired power plant of Boxberg on August 18, 2023 in Neuliebel, Germany.
Florian Gaertner | Photothek | Getty ImagesGermany needs to implement structural changes if it wants to prevent a political shift to the right, Commerzbank CEO Manfred Knof told CNBC at the Handelsblatt Banking Summit 2023.
Knof also said Germany's small-to-medium-sized companies, known as the Mittelstand, were reluctant to invest in their own country because of the structural issues in Europe's largest economy.
"We need more activities and ... [a] better framework for the German SMEs to invest in this country," he added.
"A lot of family-owned companies ... have very operational plans to relocate," Russwurm said, adding that the current business conditions in Germany had created a "cocktail" of obstacles for companies.
Persons:
Florian Gaertner, Manfred Knof, Knof, Siegfried Russwurm, CNBC's Annette Weisbach, Russwurm
Organizations:
Photothek, Getty, CNBC, Handelsblatt, Federal Ministry for Economic Affairs, Germany, German Industry Federation
Locations:
Boxberg, Neuliebel, Germany, Bavaria, Europe's