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05:06for a federal state
05:08what's the message to investors
05:11are we still a country
05:12where foreign investment is
05:15welcomed
05:16and foreigners are welcomed
05:18I will not comment on AFD
05:20or what this party is doing
05:22but what I see is and I'm being asked by
05:24people from outside
05:27what's going on here
05:28and this is I would say not good news
05:31for from an investor
05:33perspective because I'm really
05:34concerned what does it mean
05:36for our democracy
05:38for our shared values
05:40and it's a
05:42complicated message that is coming
05:44out of these election results
05:46Berlin seems to be
05:48really shaken
05:49the current government especially
05:52the CDU
05:53do you think the government
05:56is stable going forward
05:58again I'm not commenting on
06:00specific political
06:02issues here
06:04but what I learned over the last
06:07year is that these reforms were
06:10necessary and so the government is
06:13committed to bring Germany in a better
06:16position dealing with all these issues
06:19that are necessary to deal with
06:22it's a demography
06:23so at the end it is important to deliver
06:26on these reforms and I have the understanding that the government is very committed here
06:33yeah let's talk about these reforms are they enough to kick-start the German economy and also change the direction
06:39of travels when it comes to capital flows because Germany has lost quite a lot of capital over the recent
06:44years
06:45I think we already see the impact of these reforms I think these growth rates in the first half year
06:53are already this is a reflection of what the government did so in our calculation two-thirds of what we
07:00see on the growth rates is coming from these new reforms that there is definitely such an impact that there's
07:08definitely this good impact that is coming from these reforms but as I said
07:14we have to work more on this not just on the German level but also on the European level I
07:20have to again say something about the savings and investment union banking union so we can do much more to
07:28really boost growth more in an even much better direction
07:33yeah how can Europe benefit more from the future future industries from AI because if you look at where Germany
07:42was strong especially the car industry it's in a very difficult phase right now so what can we do to
07:49actually be at the forefront as well when it comes to the new industries
07:53I'm very convinced that we will profit from the AI boom I think maybe we have not the AI frontier
07:59models here in Europe but we have a lot of industrial data
08:03and this data and this data is profiting from from from from AI so I expect over the next year
08:10so we will see some productivity gains here in the European industry
08:13um there's though concern about data security and we are sort of in Europe more reluctant to go full in
08:22into new industries should we change a little bit our mentality
08:25well we shouldn't underestimate the adaption capacity of the people of the industry and this is already ongoing so the
08:35industry is changing already and I believe also the people will adapt to this new situation
08:42so one big topic are the bond markets right now we are seeing yields creeping up despite interventions in the
08:50United States especially at the long end are you concerned about these levels
08:55Treasuries 10 year approaching 5% I know this is a hot topic I will not comment on specific bond
09:02rate developments what I see is that there seems to be a strong correlation between high energy prices and a
09:09higher risk premium especially at the
09:12at the long end of the curve and this is ongoing what does it mean for Europe because clearly bonds
09:18here also all the years are also creeping up is at what point in time would you think interventions are
09:25necessary
09:26well I would never speculate about intervention I think I do not see a specific tipping point I think we
09:34have to look what is our mandate this is price stability and this there is a lot to do
09:40Do you also think that the markets are actually trying to discipline certain politicians also when it comes to rein
09:48in spending I think fiscal is important we already said many things about fiscal in relation to to to monetary
09:58policy that could be a concern for monetary policy but again I believe that this is understood in the political
10:07arena that we have to
10:09really highlight that fiscal is an important issue stability in that regard and so this is also the message I
10:18see and hear from many politicians in Europe so the last question is bit of an open question we're talking
10:26a lot about Europe being stuck between China and the United States when it comes to global growth and orientation
10:32what is our best friend so to say so what's your message here I think it's maybe important
10:39important not to look too much maybe over the pond or what China is doing we have to concentrate on
10:45ourselves we have to do our homework we can do much better so we did a lot over the last
10:51two two or three years but we can do more and I already said a lot about Europe the savings
10:57and this this this this savings union and and so on investment union banking union we have to concentrate
11:06on ourselves what what we can do and then we are much better off we become much more competitive I
11:13think we have to do our homework how do you see just a quick last one how do you see
11:18the political will on these issues and Brussels and we need to be a bit faster right well I and
11:24I know there's often this this saying that that we are not not fast enough at this all these things
11:31that we have to do these are not easy things to do so that will take time
11:35and I see a lot of commitment and I see a lot of commitment and there are there's a strong
11:40understanding in Brussels that we can do things much better and I I'm still very positive on all the things
11:50that are ongoing in Europe in Germany in my country thank you very much Mr. President thank you so guys
11:56with that I'm sending it back over to you an optimistic take on Germany and Europe and that's it for
12:02now from us
12:03for now from us
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