We are facing major challenges. The global changes of recent years have been rapid. In times of geopolitical tensions, Europe is challenged both politically and economically. In this context, we must recognise, especially in Germany, that our prosperity still heavily relies on the foundations laid in previous years.
In order to make our country fit for the future again in this phase, we need to focus on the essentials. The modernisation of Germany requires two things: firstly, a new economic momentum, and secondly, broad consensus on a values-based, democratic constitutional order. Both together form the basis on which not only prosperity can flourish, but also acceptance of sustainability issues can grow. These include measures for digitalisation, health, climate protection and social justice.
The state cannot possibly handle the enormous investment tasks on its own. That is why business and society expect it to fulfil its role as an enabler. This means removing bureaucratic hurdles in order to promote entrepreneurial initiative and create economic freedom. At the same time, the available tax revenue must be used in a targeted manner for overdue investments in a modern and resilient infrastructure. What is needed is a new balance between economic freedom and a clear state framework.
Sustainability issues will also benefit if climate and environmental considerations are weighed up more pragmatically in future. Above all, this requires new confidence in the fact that many solutions can be found better at local level than in the offices of the federal and European administrations. Dialogue and consensus on the ground can also be a means of counteracting the increasing polarisation in society. This is because it is easier to bring together the interests of different groups at a local level, work out practicable compromises and define common goals for the region, its people and companies.
The savings banks are closely connected with their municipal sponsors, permanently rooted in their business regions, and operate within both existing and emerging networks. They are already centres of excellence for many aspects of the transformation – from digitalisation and process optimisation to energy-efficient refurbishment. They bring people together, promote innovation, especially in SMEs, and animate the start-up culture.
With their cross-generational business model geared towards the common good, the savings banks already have sustainability in their DNA – and this will not change. Even in this phase of intense debate, few would disagree that it is a worthwhile goal to preserve both accumulated wealth and the natural foundations of life, and to pass them on to the next generation.
The savings banks in Germany are actively supporting this process. We have always carefully planned, financed and implemented investments in the future. In this spirit, savings banks themselves also act as reliable employers, offer modern consumer protection and support SMEs in their transformation.
Exactly how this is being done can be found here in the “Report to the Company for the Year 2024”, in which we provide insights into the capacity for action and performance of the savings banks and their network partners. And we provide an outlook on this year’s current topics. This year, we are once again renewing our promise of reliability and security to our owners, companies, customers and all citizens in Germany.
With best regards,
Prof Dr Ulrich Reuter
President of the German Savings Banks and Giro Association (DSGV)