The logo of Deutsche Bank is seen in Naples February 22, 2016. — Reuters pic
A large number of so-called zombie firms in Germany would have “a serious impact on the productivity of our economy,” Christian Sewing said in a speech in Frankfurt. The government of Chancellor Angela Merkel has pledged over €1 trillion in aid to shield companies and citizens in Europe’s top economy from the virus fallout, including through loans, grants and subsidised shorter-hours programmes.
This would be detrimental, he said, “at a time when Covid-19 is accelerating many structural upheavals — from digitisation to the pressure to operate more sustainably — when the economy must therefore adapt exceptionally quickly.”
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