Commerzbank CEO calls on EU to stick to principles in face of U.S. policy By Reuters

Commerzbank CEO calls on EU to stick to principles in face of U.S. policy

Stock Markets Nov 22, 2019 04:09AM ET

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Commerzbank CEO calls on EU to stick to principles in face of U.S. policy

FRANKFURT (Reuters) - Commerzbank's (DE:CBKG) chief executive criticized the U.S. administration for unilateral dealmaking on Friday and called for Germany and Europe to "stick to our principles".

Martin Zielke's comments come as Europe debates strengthening its banking and capital markets union, while the European Union is under strain from Britain's planned exit.

Zielke told prominent bankers at an annual conference in Frankfurt that the United States under President Donald Trump wanted to make deals, unilaterally if possible.

"We should not be tempted by the false slogan of 'Nation first' solutions. On the contrary, we should do all that is possible to overcome the deep divisions that we observe in some societies," Zielke said.

"We should not allow ourselves to be reduced simply to dealmakers," he added.

Trump has pursued an "America First" approach that aims to bring troops back from "endless wars" and rebalance trade agreements in favor of the U.S.

Multilaterialism, compromise and consensus are "at the heart" of the EU's success, Zielke said, urging progress on a deeper banking union in the bloc.

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