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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 European Commission is headquartered in Brussels and is a politically independent supra-national body that represents and safeguards the interests of the entire EU. The EU Commission has the right to table proposals (right of initiative) for all common legal acts; as “guardian of the treaties” it ensures that common law is adhered to and in addition enjoys executive powers, for example with regard to the budget and monopolies laws. Finally it publicly represents the interests of the community. The Commission is headed by the Commission President, since 1 December 2019, Ursula von der Leyen of Germany. Each member state is represented by a Commission member.
European integration is one of the central concerns of German foreign policy. Germany’s participation in a united Europe is also enshrined in the Basic Law. The European Union currently has 27 member states; on 31 January 2020, the UK became the first country to leave the EU. Several countries wish to join the EU, including the Western Balkan states and Ukraine
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In 1957, Germany was one of the six founding members of today’s EU, along with France, Italy, Belgium, the Netherlands and Luxembourg. The EU is currently made up of 27 states; the euro is the official currency in 20 of them. For Germany, European integration forms the basis for peace, security and prosperity. One of the key factors is the single European market. Germany also supports the integration of additional members in the EU..
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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.