Tip: Activate javascript to be able to use all functions of our website
Tip: Activate javascript to be able to use all functions of our website
Dr Dirk Schumacher has been KfW Chief Economist and head of the company's economics department since April 2025.
"Investors have a significantly more negative view of the interest rate environment than just a few months ago, when signs were pointing to further rate cuts. Market participants now expect the European Central Bank to raise interest rates. “That will likely make fundraising more difficult again for venture capital funds and weigh on valuations for start-ups. It will make exits even more challenging. These prospects hang like a sword of Damocles over the VC market, which actually experienced a stable start to the year with EUR 1.7 billion.”
Dr Dirk Schumacher
08.06.2026 │Tag der jungen Wirtschaft, Wirtschaftsjunioren Deutschland
KfW Research, KfW Group, Palmengartenstrasse 5-9, 60325 Frankfurt, Germany,
Share page
To share the current page content with your network, click the button below and then select the desired option in the dialog box.
Note on data protection: By clicking the button, your browser's sharing function is used. If you select an external provider when sharing, personal data may be processed by the provider. Please read our data protection principles for more information.
Your browser does not support sharing with external services.
Alternatively, you can also copy the short link: https://www.kfw.de/s/enkB6Q2y
Copy link Link copied