The German Ministry of Finance issued its views on the preparation of German financial markets for the European future. The German government has taken important steps to enhance the European and international competitiveness of Germany as a financial centre. It states that in view of an ageing society, the pay-as-you go pension system, as the first pillar of the German pension system, needs to be put on a sustainable basis, i.e. strengthening private, fully-funded provision for old age.
Generating gross value added of around € 86 bn, the financial services sector in Germany accounts for roughly 4.6 % of GDP. More than 80% of the capital market regulations owe their origins to decisions of the European legislators. It is the fourth biggest insurance market in the world and world leader in the reinsurance market. Germany is also home to the world's largest futures and options market, the bond market is easily the largest in Europe.
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