By Francine Lacqua, Nick Heubeck and Arno Schütze Deutsche Bank AG Chief Executive Officer Christian Sewing said the fiscal and political instability in France that spilled over into violent protests is a reason for concern, with volatility likely to continue until the presidential elections.

“I wouldn’t call it a debt crisis at this point in time, but I think it’s a wake up call in particular for all public financing that budget disciplinary is key,” Sewing said in an interview on Bloomberg Television Wednesday.

France has been rattled as it struggles to find ways to reduce the budget deficit ahead of elections in six months, pushing up spreads between French and German government bonds into territory associated with the euro-area debt crisis. Vanessa Holtz, Bank of America Corp.’s top executive in the country, said on Tuesday that investors have become more selective about French assets as a result.

Sewing, who has spearheads a German business initiative aimed at bolstering investment, said that Berlin’s comparatively solid finances and credit rating make that country a favored destination for anyone looking to invest in Europe. He also said while global volatility is likely to continue, he doesn’t see markets in any form of bubble.

The CEO, who has turned around the Germany largest lender since taking over eight years ago, has emerged as one of the most influential business leaders as the the country embarks on a series of reforms. He is one of a handful of top executives who regularly speak with Chancellor Friedrich Merz, people familiar with the matter have said.

Merz hosted the German government’s first investor conference in Berlin this week, a fresh push by the embattled chancellor to revive growth in Europe’s biggest economy. After years of stagnation, the country has been showing early signs of an economic recovery, driven by public spending on infrastructure and defense.