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In line with the federal system, structuring and coordinating economic and financial policy is the joint task of central government, the federal states and municipalities. They cooperate in various committees. Furthermore, the Federal Government seeks the advice of independent economists. Every January the Federal Government presents to the Bundestag and the Bundesrat the Annual Economic Report, which among other things describes the government’s economic and financial goals for the year as well as the fundamentals of its planned economic and financial policy. One prerequisite for economic life in Germany being able to function is free competition, which is protected by the law against restrictions on competition. It prohibits anti-competitive practice on the part of both companies and the state. Likewise, company mergers, state subsidies and market barriers are assessed to establish whether they impair competition.
→ bmwi.de
Every four years, the parties stand in the general elections to the Bundestag. Traditionally, the turn-out is high in Germany, and following a high in the 1970s, when the turn-out was over 90 percent, since reunification it has been around 80 percent. 76.6 per cent of eligible voters took part in the election to the 20th German Bundestag in 2021.
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.
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..
→ bpb.de
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.
As early as the 19th century Germany attracted a large number of immigrants and since the 1950s has emerged as the European country with the largest immigrant population. In 1950, there were about 500,000 foreigners in Germany, accounting for a mere one percent or so of the population. This has changed emphatically: Today, some 11.6 million foreigners live in Germany, or 13 percent of the population.
In 2021, company spending on research and development rose to 75.8 billion Euros. The automotive industry accounts for a large share of these investements.
Dual vocational training is quite unique internationally. After leaving school, many young people follow one of more than 300 state-recognised apprenticeship training programmes under the dual system. This entry into professional life differs from vocational training based only in colleges such as is customary in many other countries. The practical part of the course takes part on 3 or 4 days of the week in a company; the other 1 or 2 days are spent with specialist theoretical instruction in a vocational school. The courses take 2-3.5 years. In-company training is supported by courses and additional qualification facilities outside the companies. Training is financed by the companies, which pay the trainees/apprentices wages, while the government bears the costs of the vocational schools. Some 500,000 young people conclude new vocational training agreements under the two-track vocational training system each year Thanks to the Two-Track System, in Germany the number of young people without a profession or traineeship is comparatively low. This combination of theory and practical work guarantees that the craftsmen and skilled workers have prime qualifications. Vocational training is also a launchpad for a career that can, via advanced training, lead to participants becoming master craftsmen and women. Today, a qualification track is possible that via advanced training alongside the job can lead even as far as a university Master’s degree.
There is great international interest in the German vocational training system. One focus of the international vocational training cooperation activities by Bundesinstitut für Berufsbildung (BIBB) is to foster cooperation with partner institutes.
→ bibb.de