Bundesbank Chief: "Without Expanding Immigration, We Will Lose Economic Power"

Nagel: "Germany Must Maintain an Open Attitude Toward Immigration"

Joachim Nagel, President of the German Central Bank (Bundesbank), has stated that expanding immigration is inevitable in order to prevent economic slowdown caused by an aging population.

Joachim Nagel, President of the German Central Bank (Bundesbank), is giving a speech on measures to promote Germany's economic growth at Humboldt University in Berlin last March. Photo by Reuters Yonhap News

On October 20 (local time), during a lecture at New York University Stern School of Business, President Nagel said, "Most countries are aging societies, and Germany is no exception," adding, "Europe must accept immigration. Otherwise, we will lose significant economic power." According to the German Federal Statistical Office, about 30% of Germany’s current workforce is expected to retire by 2036.

He further emphasized, "Germany must maintain an open attitude toward immigration." While acknowledging that this is a politically complex issue, President Nagel stated, "Europe and Germany need qualified immigration," and added, "We must become an open economy, an open society, and a tolerant nation."

President Nagel’s remarks stand in stark contrast to the position of German Chancellor Friedrich Merz, who has advocated for reducing the number of immigrants. Chancellor Merz recently sparked controversy by stating, "Germany already has too many immigrants." He continues to uphold stricter immigration policies in an effort to counter far-right forces.

Since taking office in 2022, President Nagel has openly expressed his views not only on economic issues but also on socially and politically sensitive topics. He stated once again, "I will do everything I can to show politicians that this discussion is necessary," warning, "Otherwise, we will fall behind."