Germany must embrace immigration to sustain its economy and offset an aging population, warned Bundesbank President Joachim Nagel. Speaking at New York University, Nagel said that without qualified immigrants, Germany risks “losing a lot of economic power.”

He urged Europe to stay open and tolerant, emphasizing the need for skilled workers to keep industries running. His remarks came as Chancellor Friedrich Merz faced backlash for saying Germany has “too many migrants.”

Nagel stressed that while the political debate is complex, immigration is essential for Germany’s future growth. Nearly 30% of the German workforce is set to retire by 2036, highlighting the urgency of the issue.