The proposed plan for the euro crisis announced by German Chancellor Angela Merkel and French President Nikolas Sarkozy Tuesday is a "step in the right direction," showing their commitment to defending the euro and addressing European Union debt issues, Josef Ackermann told CNBC Wednesday.
But the Deutsche Bank chief executive said he was disturbed by "the revival of the transaction tax," which he warned would not only make it more difficult for banks like his to be profitable in the euro zone but will drive bank customers to other areas of the world, including the U.S. and emerging markets.
Europe is becoming more stable and "Greece is making good progress," said the CEO of Germany's largest bank. "Europe is doing the right things."
Ackermann said he is against two things not mentioned by the French and German leaders — an expanded rescue fund for troubled EU members including Greece, and some form of joint European borrowing.