The economist explained that nobody can currently say with certainty whether the individual cases will expand into a banking crisis. “But it wouldn’t be a good idea to speculate about it now, apart from the current state of affairs.”

According to Grimm, the banking industry is “better positioned” today than it was during the global financial crisis of 2008/2009. But there are “gaps – for example because you don’t keep an eye on risks that haven’t occurred for a long time”. There have been stress tests at banks for risks from low interest rates, but not for the case of a rapid rate hike by the central banks. At this and other points of regulation, the supervisory authorities may have to “sharpen”.

Grimm warned that the crisis in the banks should not mean that the central banks stopped raising interest rates. “In terms of inflation, we’re not over the mountain yet, further interest rate increases will be necessary,” said the economy of the “WamS”. “If the central banks relax too soon out of concern for financial market stability, inflation could remain high longer than expected or even pick up again.”

On the other hand, the uncertainties in the banking sector also dampened lending to the economy and indirectly inflation. “So the central banks have to look very carefully and weigh things up,” Grimm warned. “The situation is extremely challenging.”

Chancellor Olaf Scholz (SPD) and Federal Finance Minister Christian Lindner (FDP) assured on Friday that there was no reason to worry that financial institutions such as Deutsche Bank could be affected by the recent turbulence surrounding Credit Suisse or Silicon Valley Bank.

Deutsche Bank’s share price temporarily fell by more than 13 percent on Friday on the Frankfurt Stock Exchange. The main reason was a sharp rise in the cost of credit default insurance.