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German development policy as a constituent part of a global structural and peace policy endeavors to improve living conditions in partner countries. The Federal Government, in close collaboration with the international community, is committed to fighting poverty, to peace and democracy, to globalisation that is fair, and to preserving the environment and natural resources. The strengthening of good government, self-responsibility, and powers of self-help in the partner countries are basic elements. Furthermore, education, health, rural development, the protection of the climate, environment and resources, as well as economic cooperation are key sectors. The guidelines and concepts underlying German development policy are devised by the Federal Ministry for Economic Cooperation and Development (BMZ).
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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.
The Federal Government and cabinet is made up of the Federal Chancellor and the Federal Ministers. While the Chancellor holds the power to issue directives, the ministers have departmental powers, meaning that they independently run their respective ministries in the framework of those directives. Moreover, the cabinet abides by the collegial principle, in disputes the Federal Government decides by majority. The affairs of state are managed by the Chancellor.