Criticism of traffic lights - Conservatives celebrate CEO Theodor Weimer's heated address at the stock exchange
Theodor Weimer, the head of the German Stock Exchange, is set to retire at the end of this year. But before he goes, he's speaking out about his frustration with politics, and he's not holding back.
During a speech at an event for the CSU-affiliated lobby group Wirtschaftsrat Bayern on April 17th, Weimer didn't hesitate to criticize the direction of Germany's economy. He initially praised Economics Minister Robert Habeck (Greens), but quickly changed his tune, calling the current state of affairs a "sheer catastrophe." According to Weimer, international investors are still investing in Germany because it's so cheap, but he thinks it's a dumping ground. He believes there's a lack of political direction, and says Germany is headed towards being a developing country economically.
He also took aim at the traffic light coalition's migration policy, saying that Germany should be attracting skilled workers, not those who "collect welfare benefits of up to 50% and send them somewhere else." However, Weimer didn't mention the fact that 65.6% of foreign women and men in Germany work, while 77.2% of Germans do.
In February, Weimer discussed his concerns about the rise of the far-right in Germany with the British daily newspaper "Financial Times." He didn't want to live in a country where one's welcome is based on their grandparents' birthplace and warned that the success of right-wing parties like the AfD would be disastrous for Germany and Europe as important financial centers. He also stressed that it's the responsibility of businesspeople to defend freedom and democracy.
Deutsche Börse, Weimer's company, has remained silent on the matter when asked by Capital. A spokesman said, "We're not commenting on the statements as Deutsche Börse. Much of what he said in his speech at the beginning of the year has already been said, it's just more direct. That's the frank Weimer we know."
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Despite his criticism of the economic policy, Theodor Weimer, the outgoing CEO of the German Stock Exchange, voiced concerns about the potential impact of right-wing populism on Germany's standing as a major financial center, citing the rise of parties like the AfD.
The economic policy and immigration, particularly the current migration policy, were key points of criticism for Weimer, who advocated for Germany to attract skilled workers rather than those reliant on welfare benefits.
