ional organization participation: AfDB, AsDB, Australia
Group, BDEAC, BIS, CBSS, CCC, CDB (non-regional), CE, CERN, EAPC,
EBRD, ECE, EIB, EMU, ESA, EU, FAO, G- 5, G- 7, G-10, IADB, IAEA,
IBRD, ICAO, ICC, ICFTU, ICRM, IDA, IEA, IFAD, IFC, IFRCS, IHO, ILO,
IMF, IMO, Inmarsat, Intelsat, Interpol, IOC, IOM, ISO, ITU, MTCR,
NAM (guest), NATO, NEA, NSG, OAS (observer), OECD, OPCW, OSCE, PCA,
UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNIKOM, UNMIBH, UNOMIG, UPU, WEU,
WHO, WIPO, WMO, WToO, WTrO, ZC

Diplomatic representation in the US:
chief of mission: Ambassador Juergen CHROBOG
chancery: 4645 Reservoir Road NW, Washington, DC 20007
consulate(s) general: Atlanta, Boston, Chicago, Detroit, Houston,
Los Angeles, Miami, New York, San Francisco, Seattle

Diplomatic representation from the US:
chief of mission: Ambassador John C. KORNBLUM
embassy: Deichmanns Aue 29, 53170 Bonn
mailing address: PSC 117, APO AE 09080
branch office: Berlin; mailing address: Neustaedtische Kirchstrasse
consulate(s) general: Dusseldorf, Frankfurt am Main, Hamburg,
Leipzig, Munich

Flag description: three equal horizontal bands of black (top),
red, and gold

Economy

Economy--overview: Germany possesses the world's third most
powerful economy, with its capitalist market system tempered by
generous welfare benefits. On 1 January 1999, Germany and 10 other
European Union countries launched the European Monetary Union (EMU)
by permanently fixing their bilateral exchange rates and giving the
new European Central Bank control over the zone's monetary policy.
Germans expect to have the new European currency, the euro, in
pocket by 2002. Domestic demand contributed to a moderate economic
upswing in early 1998, although unemployment remains high.
Job-creation measures have helped superficially, but structural
rigidities--like high wages and costly benefits--make unemployment a
long-term, not just a cyclical, problem. Although minimally affected
by the Asian crisis in 1998, Germany revised its 1999 forecast
downward at the beginning of the year to reflect anticipated effects
from the global economic slowdown. Over the long term, Germany faces
budgetary problems--lower tax revenues and higher pension outlays--as
its population ages. Meanwhile, the German nation continues to
wrestle with the integration of eastern Germany, whose adjustment
may take decades to complete despite annual tr