WEBVTT

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(upbeat music)

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Peter, thanks very much for joining us here.

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As a veteran of German politics,

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you have, of course, seen multiple crises.

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So, what kind of crisis are we actually facing?

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For the first time in years,

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we are facing several challenges at a time.

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As far as energy security is concerned,

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the ending of the war of Russia against Ukraine.

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But at the same time, disruptive challenges

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with regard to technological innovation,

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with regard to political developments,

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and, of course, with regard to climate change.

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And you've been in politics 27 years,

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so you have lived through a lot of these crises.

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What's the role of politics

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versus the private sector to mitigate the fallout?

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Well, we are, for the second time within five years,

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at the brink of recession.

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This time, I believe it will be a little bit less severe

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than the COVID-19 recession,

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but still a huge challenge for many countries in Europe.

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Therefore, we have to act in a coordinated way.

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I would like the European Union playing

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a crucial role on the global scene, international scene.

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We have to involve the Americans,

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the Canadians, the Australians, our allies in NATO,

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and then I believe we can overcome this crisis

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much quicker, much faster than we have done in the past.

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You've mentioned convergence in Europe,

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but we also see some political and nationalism,

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let's say, trends in Europe happening.

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What's the remedy for that? Is it a carbon border tax?

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Europe is able to play an important role

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on a global level as long as it is united.

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And a second point is that we have to support industries,

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whereas the decarbonization process

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will produce more costs than in countries

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where this is not the case.

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When you have steel producers

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and you want to produce green steel,

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then you will stand the global competition

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with countries not yet decarbonizing

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only if you find a mechanism.

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And this can be either an international agreement,

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with the same rules for everybody

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and it's the same steps for decarbonization,

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or a mechanism like a border adjustment tax

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or a border adjustment levy.

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And this has to be very clear,

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it's in the interest of the European industrial strategy.

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Very good, final question.

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What makes you optimistic,

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and what's your advice to our CFOs going forward?

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Lessons learned from the past indicate

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that Europe has been more successful in

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overcoming economic crisis than other regions in the world.

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I believe in our human capital.

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Almost all European countries

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have invested more in education,

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in research, and in academic life.

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This pays back, and, therefore, I'm optimistic for the future.

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But we have to realize time is running out

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and we have to deliver.

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And, therefore, I would like to encourage

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our successors not to slow down

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but to accelerate, even, our efforts

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to mitigate climate change.

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Mr. Altmaier, thank you very much

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for sharing your thoughts here.

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Thank you.