Christian Sewing

You can also see actually that business are confident actually to really reinvest in Germany

You may have heard about the initiative which is running in Germany, the Made for Germany initiative, where more than 100 corporates are actually committed to invest over 700 billion euros in Germany over the next three years.

That shows actually that there is confidence in the business and at the same time that corporates are really redistributing their supply chains.

Look, there was clearly a trend in Q2 about reallocation.

But I wouldn't join the core of saying, well, that is the end of the U.S.

dollar as the reserve currency.

The U.S.

dollar will be the reserve currency.

But I think that a lot of investors actually are trying to reallocate.

And in particular with what happened in the second quarter in Germany but also in Europe, you could see a shift to Europe.

And that's actually the momentum which we need to retain and where we need to build on.

Well, I think it's both.

It's not only in the derivative market.

We really have seen real flows, and therefore it has been a trend in Q2.

It's a little bit reversing in Q3, and therefore it is so important, in particular for Europe, that they really continue with structural reforms.

If this is not going through, if we are not continuing with structural reforms, then obviously growth and therefore also the inflow in European assets will not further increase.

Look, Lisa, for me it is that from a bank's point of view, the most important is to be diversified.

And we as Deutsche Bank have taken a clear decision to be a global bank and to make sure that we are not too concentrated in any one of the regions.

When you have your home market in Germany with 40% of the revenues, you have a great interest that this country is growing, that you have the right structural reforms, that fiscal stimulus is kicking in.

But at the same time, despite all the talks about the end of globalization, globalization will not end.