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The euro is the currency of the European Monetary Union and after the US dollar the second most important member of the international currency system. Together with the national central banks, the European Central Bank (ECB), headquartered in Frankfurt/Main, is responsible for monetary policy with regard to the euro. The euro is the official currency in 20 of the 27 EU member states. The euro was physically introduced in “Euroland”, including Germany, on January 1, 2002, having served as a currency of deposit since the beginning of 1999.
Almost all citizens in Germany have health insurance, whether as a compulsory member of the statutory health insurance scheme (90 percent) or a private health insurance scheme (10 percent). The health insurance companies cover the cost of medical treatment, medication, hospitalization and preventive health care. Contributions to the health insurance scheme are made by employees and employers. Non-employed family members of those in a compulsory health insurance scheme do not pay any contributions.
Long-term care insurance was introduced in 1995 as the “fifth pillar” of the social insurance system. The compulsory insurance is financed by equal contributions by employers and employees.