In recent years, Germany showed a substantial improvement turning into the largest economy in Europe. German government has made great progress in raising the standard of living, providing an extensive collection of social services. For that reason Germans describe their economic system as a “social market economy”.
Although it's quite clear that costs and unemployment in Germany are still high, the country is an export powerhouse; exports traditionally have been a key element in German macroeconomic expansion.
Since euro is the official Germany currency, the European Central Bank has set monetary policy.
In 2002 with the introduction of the Euro (€) as official currency of the European Union, Germany had to change its official currency, until then The Deutschmark (DM), for the Euro. Currently the DM is not accepted in Germany...
Costs in Germany are relatively high but usually prices of rent vary between regions and cities. If you want to live in large and attractive city you have to spend more than third of your income on rent, although lately prices have gone down...
Credit cards in Germany have a low level of usage compared to other European countries; most Germans prefer to pay in cash. The most common credit cards are the worldwide recognized Eurocard / Mastercard and Visa with which you can make regular monthly payments like rent, telephone and utilities; however credit cards are not accepted in all shops...
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