The head of Germany’s fiercely independent central bank is taking to the streets in protest at the rise of far-right extremism.
Bundesbank President Joachim Nagel told Der Spiegel on Thursday he was concerned by the rise of right-wing populism “both as Bundesbank president and as a citizen” and said he found it “good, that many people are taking to the streets against it. I will take part myself.”
A wave of protests has swept Germany in recent days, after a secret meeting of right-wing politicians in Potsdam in November came to light, which has been seen as an attempt to normalize ideas associated with the Nazi Party.
The meeting, which was also attended by some members of Germany’s mainstream center-right bloc, specifically discussed the notion of repatriating immigrants. For many, that was an alarming echo of a Nazi initiative to resettle German Jews in Madagascar.
Nagel has spoken out repeatedly in recent years about the dire effects of demographic aging on Germany’s economy. According to Bundesbank analysis, by 2026 net immigration — even at its current high rate — will be unable to make up for the number of people retiring or leaving the workforce.
“We are an aging society that needs qualified immigrants. And for that, these people have to be comfortable living in Germany,” Nagel told Spiegel.
While the Bundesbank’s opinion is regularly sought by politicians on any aspect of economic policy, and generally carries a lot of weight in domestic debate, Nagel appears to be treading a fine line.
Nazi ideology, and the party itself, are explicitly banned by the German constitution, but the Alternative for Germany (AfD) party is a legal organization, represented in the Bundestag and also riding high in the opinion polls. Despite that, the party and some of its individual members are subject to enhanced monitoring by domestic intelligence services, on the basis of evidence of anti-constitutional activity.
Many of the mass demonstrations across the country in recent days were not only directed against right-wing extremism generally but singled out the AfD. Nagel’s next opportunity to take to the street in a demonstration in Frankfurt this Saturday is no exception.
It is not usual for the president of the politically neutral central bank to take part in a rally explicitly aimed against a specific party. However, Nagel’s move is consistent with increasing signs of mainstream alarm at the AfD’s advance. Discussions about using constitutional provisions to ban the party or suppress its members’ political activity are now widespread. An online campaign to suspend the constitutional rights of the AfD’s Björn Höcke, aiming to stop him taking part in state elections in Thüringia this year, has garnered over 1.35 million signatures.
