Bundesbank's Nagel urges Europe to diversify Asia trade, cut China import dependencies
Bundesbank President Joachim Nagel used a Bangkok panel to set out how Europe should recalibrate its economic relationship with Asia. The remarks matter less as policy than as a signal of how Germany's central bank frames supply-chain resilience, the Savings and Investments Union, and competitiveness. A short read for anyone tracking EU trade strategy and industrial-policy direction.
- Nagel said that since 2019 EU exports to China have remained broadly stable while imports from China have increased substantially.
- He welcomed the EU-India trade agreement reached this year and the agreements with Indonesia concluded last year.
- He cited the ESMC joint venture in Dresden, with partner TSMC, and Infineon's new site near Bangkok opened two weeks earlier as examples of resilient value chains.
- He called for implementing the Savings and Investments Union so European start-ups can access enough venture capital to scale and compete globally.