German Ministry Finance Monthly Report May 2012

7/31/2019 German Ministry Finance Monthly Report May 2012

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Federal Ministry of Finance Monthly Report May 2012

TRENDS IN THE FEDERAL BUDGET

- 2 -

Trends in the federal budget

Actual December

2011Estimated 20121

Provisional outturn2

January to April 2012

Expenditure ( bn) 296.2 312.7 108.2

Infra-annual change in % against the previous year -0.7

Revenue ( bn) 278.5 277.5 81.4

Infra-annual change in % against the previous year 1.5

Tax revenue ( bn) 248.1 249.7 73.9

Infra-annual change in % against the previous year 2.9Financial deficit ( bn) -17.7 -35.2 -26.8

Cash shortfall ( bn) - - -28.1

Adjusted for revenue from coin ( bn) -0.3 -0.4 0.0

Net borrowing/current financial market balance ( bn) -17.3 -34.8 1.3

2As per accounts.

1 Government draft of the supplementary budget as at 21 March 2012.

Trends in the federal budget

Trend in expenditure

Federal expenditure from January to April 2012

inclusive amounted to 108.2bn. This was 0.8bn

(0.7%) less than in the same period last year.

While expenditure on labour-market measures was

down by 1.6bn and the amount paid into the

Health Fund fell by 0.4bn, expenditure in some

other areas, such as the Higher Education Pact

2020, was slightly above the previous years level.

Trend in revenue

At 81.4bn, the Federations revenue up to and

including April 2012 surpassed the total for the

same period last year by 1.3bn (+1.5%). The

revenue from taxes amounted to 73.9bn, which

was 2.1bn (+2.9%) above last years figure for the

period. The working party on tax revenue

forecasting predicts additional tax revenue of

around 3bn for the federal budget.

Administrative revenue, at 7.4bn, was 10.2%

below the previous years figure. The main cause of

this was a drop in the Bundesbanks profit, which

was down 1.6bn on the year.

Financial balance

At this stage of the year, figures on the financial

balance hold little indicative value. Neither

individual items nor the present financial deficit of

26.8bn provide a basis for making any reliable

forecasts as to the further course of the year.


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- 3 -

-28 849

-26 836

-35 163

32

23

0

80 147

81 374

277 537

109 028

108 233

312 700

-100

000

-50 000 0 50 000 100 000 150 000 200 000 250 000 300 000 350 000



Estimated 2012

Financial deficit Transit items Revenue Expenditure

million

Estimated: Government draft o f t he supplementary budget as at 21March 2012.

Source: Federal M inistry of Finance

Calculation of the financial deficit


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- 4 -

January to

April 2011

January to

April 2012

m Share in % m Share in %

General public services 54 407 18.4 63 904 20.4 17 466 18 205 +4.2

Economic cooperation and development 5 931 2.0 6 292 2.0 2 000 2 235 +11.8

Defence 31 710 10.7 31 734 10.1 10 220 10 779 +5.5

Government, central administration 6 369 2.2 5 798 1.9 2 095 1 890 -9.8

Revenue administration 3 754 1.3 4 326 1.4 1 164 1 209 +3.9

Education, science, research, cultural affairs 16 086 5.4 17 966 5.7 4 603 5 051 +9.7

Fed. Education and Training Grants Act 1 584 0.5 1 763 0.6 695 705 +1.4

Research and development 9 361 3.2 10 083 3.2 1 926 1 998 +3.7

Social security, war-related social tasks,

indemnification155 255 52.4 155 207 49.6 58 874 57 177 -2.9

Social security 77 976 26.3 78 711 25.2 31 304 31 708 +1.3

Loan/subsidy to the Federal Employment

Agency8 046 2.7 7 238 2.3 5 422 3 205 -40.9

Basic allowance for jobseekers 33 035 11.2 33 065 10.6 9 803 10 405 +6.1

of which: Unemployment benefit II 19 384 6.5 19 600 6.3 5 881 6 645 +13.0

Unemployment benefit II,

government housing and

heating allowances

4 855 1.6 5 000 1.6 1 386 1 597 +15.2

Housing allowance 745 0.3 650 0.2 288 210 -27.1

Upbringing allowance 4 712 1.6 4 904 1.6 1 640 1 654 +0.9

War pensions, war pensioners' welfare 1 684 0.6 1 613 0.5 704 605 -14.1

Health, environment, sport, recreation 1 335 0.5 1 548 0.5 374 388 +3.7

Housing, regional planning and local

community services2 033 0.7 2 066 0.7 520 585 +12.5

Housing 1 366 0.5 1 387 0.4 467 507 +8.6

Food, agriculture and forestry as well as

energy and water supply, trade, services5 656 1.9 5 672 1.8 2 151 2 044 -5.0

Regional promotion 937 0.3 635 0.2 186 125 -32.8

Coal-mining 1 349 0.5 1 200 0.4 1 350 1 182 -12.4

Guarantees 797 0.3 1 500 0.5 140 202 +44.3

Transport and communications 11 645 3.9 12 384 4.0 2 928 2 763 -5.6

Roads (excl. Local Transport Finance Act) 6 115 2.1 6 126 2.0 971 904 -6.9

Commercial enterprises, general real property

and capital assets15 986 5.4 16 407 5.2 4 990 5 179 +3.8

Federal railways fund 5 020 1.7 5 239 1.7 1 464 1 467 +0.2

Railroads of the federation / Deutsche Bahn

AG4 037 1.4 4 016 1.3 930 961 +3.3

General financial management 33 825 11.4 37 546 12.0 17 121 16 840 -1.6

Interest expenditure 32 800 11.1 34 504 11.0 16 818 16 614 -1.2

TOTAL EXPENDITURE 296 228 100.0 312 700 100.0 109 028 108 233 -0.7

Estimated1 ActualInfra-annual

change in %

against the

previous year

20122011

1 Government draft of the supplementary budget as at 21 March 2012

in Mio.

Actual December

Trends in federal expenditure by functions


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44.9%

31.6%

22.3%

36.0%

28.3%

25.1%

36.8%

28.1%

28.5%

0 20 000 40 000 60 000 80 000 100 000 120 000 140 000 160 000 180 000

General financial

management

Commercial enterprises

Transport and

communications

Food, agriculture, trade and

services

Housing

Health and sport

Social security

Education, science

General public services

Es tim ated 2012 Actual January to April 2012

Federal expenditure by functions, January to April 2012

million% = % of estimate

Estimate: Government draft of the supplementary budget as a t 21 March 2012.


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January to

April 2011

January to

April 2012


Consumption expenditure 270 850 91.4 277 318 88.7 102 701 102 359 -0.3

Personnel expenditure 27 856 9.4 27 897 8.9 10 051 9 772 -2.8

- Pay 20 702 7.0 20 749 6.6 7 400 7 071 -4.4

- Pensions 7 154 2.4 7 147 2.3 2 651 2 701 +1.9

Current non-personnel expenditure 21 946 7.4 23 825 7.6 5 700 6 442 +13.0

- Administrative expenditure 1 545 0.5 1 283 0.4 463 344 -25.7

- Military procurement 10 137 3.4 10 673 3.4 2 707 2 752 +1.7

- Other 10 264 3.5 11 869 3.8 2 530 3 346 +32.3

Interest expenditure 32 800 11.1 34 504 11.0 16 818 16 614 -1.2

Current allocations and grants 187 554 63.3 190 625 61.0 69 993 69 330 -0.9

- To authorities 15 930 5.4 17 700 5.7 4 655 4 728 +1.6

- Other 171 624 57.9 172 926 55.3 64 356 64 595 +0.4

of which

Private enterprises 23 882 8.1 25 106 8.0 8 403 8 365 -0.5

Pensions, assistance etc. 26 718 9.0 27 161 8.7 8 526 9 274 +8.8

Social insurance funds 115 398 39.0 113 678 36.4 45 627 44 371 -2.8

Other capital transfers 695 0.2 467 0.1 139 200 +43.9

Investment expenditure 25 378 8.6 35 622 11.4 6 326 5 874 -7.1

Financial aid 18 202 6.1 27 625 8.8 5 236 4 696 -10.3

- Allocations and grants 14 589 4.9 14 706 4.7 4 159 4 052 -2.6

- Loans, guarantees 2 825 1.0 4 231 1.4 481 644 +33.9

- Participations, capital contributions 788 0.3 8 687 2.8 596 0 -100.0

Fixed assets expenditure 7 175 2.4 7 997 2.6 1 091 1 178 +8.0

- Building and construction 5 814 2.0 6 519 2.1 860 930 +8.1

- Acquisition of movable property 869 0.3 899 0.3 186 197 +5.9

- Acquisition of real property 492 0.2 578 0.2 44 52 +18.2

General reduction/increase in expenditure 0 0.0 - 240 -0.1 0 0

Total expenditure 296 228 100.0 312 700 100.0 109 028 108 233 -0.7

Estimated1 Actual

Infra-annual

change in %

against the

previous year

2012

Actual December

1

Government draft of the supplementary budget as at 21 March 2012.

2011

in Mio.

Trends in federal expenditure by economic categories


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15.2 %

27.6 %

14.7 %

36.4 %

48.2 %

27.0 %

35.0 %

Loans, guarantees

Allocations and grants

Fixed assets expenditure

Current allocations and

grants

Interest expenditure

Current non-personnel

expenditure

Personnel expenditure

0 50 000 100 000 150 000 200 000 250 000

Es timated 2012 Actual January to April 2012

Trends in federal expenditure by selected economic categories


milion

% = % of Estimate

Estimate: Government draft of the supplementary budget as a t 21 March 2012.


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January to

April 2012

January to

April 2012


I. Tax revenue 248 066 89.1 249 689 90.0 71 856 73 931 +2.9

Federal share of joint taxes: 196 908 70.7 203 249 73.2 59 949 63 654 +6.2

revenue from individual and

corporate income taxes

(incl. interest income deduction)

93 488 33.6 98 514 35.5 26 449 29 190 +10.4

on which:

- Wages tax 59 475 21.4 62 178 22.4 16 989 17 904 +5.4

- Assessed income tax 13 599 4.9 14 589 5.3 3 087 3 898 +26.3

- Non-Assessed taxes on earnings 9 068 3.3 8 013 2.9 3 792 3 014 -20.5

- interest income deduction 3 529 1.3 3 670 1.3 1 819 1 796 -1.3

- Corporation tax 7 817 2.8 9 620 3.5 762 2 577 +238.2

Value added taxes (VAT) 101 899 36.6 103 169 37.2 33 203 34 197 +3.0

Trade tax apportionment 1 520 0.5 1 566 0.6 296 267 -9.8

Energy tax 40 036 14.4 40 150 14.5 7 555 7 577 +0.3

Tobacco duty 14 414 5.2 13 900 5.0 4 062 3 525 -13.2

Solidarity surcharge 12 781 4.6 13 200 4.8 3 864 4 153 +7.5

Insurance tax 10 755 3.9 10 450 3.8 5 553 5 844 +5.2

Electricity tax 7 247 2.6 6 820 2.5 2 437 2 286 -6.2

Motor vehicle tax 8 422 3.0 8 375 3.0 3 062 3 099 +1.2

Nuclear fuel tax 922 0.3 1 470 0.5 0 171 X

Spirits duty 2 151 0.8 2 121 0.8 717 726 +1.3

Coffee duty 1 028 0.4 1 020 0.4 343 357 +4.1

Aviation tax 905 0.3 945 0.3 191 265 +38.7

Supplemental grants to Lnder -12 110 -4.3 -11 563 -4.2 -2 996 -2 812 -6.1

EU GNP own resources -18 003 -6.5 -22 810 -8.2 -7 756 -9 513 +22.7

EU VAT-based own resources -1 890 -0.7 -2 030 -0.7 - 721 - 966 +34.0

Allocations to Lnder for short-haul public

transport-6 980 -2.5 -7 085 -2.6 -2 327 -2 362 +1.5

Grants to the Lnder for motor vehicle tax and

HGV toll-8 992 -3.2 -8 992 -3.2 -2 248 -2 248 +0.0

II. Other revenue 30 455 10.9 27 848 10.0 8 291 7 443 -10.2

Revenue from economic activity 4 971 1.8 4 244 1.5 2 410 1 521 -36.9

Interest revenue 483 0.2 531 0.2 79 93 +17.7

Return on loans, participations, privatization

revenue5 267 1.9 6 713 2.4 1 356 1 203 -11.3

Total revenue 278 520 100.0 277 537 100.0 80 147 81 374 +1.5

1 Government draft of the supplementary budget as at 21 March 2012.

2011

in Mio.

Estimated1 Actual

Infra-annual

change in %

against the

previous year

2012

Actual December

Trends in federal revenue


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18.9%

33.5%

37.0%

25.4%

55.9%

33.1%

31.5%

26.7%

28.8%

26.8%

Energy tax

Electricity tax

Motor vehicle tax

Tobacco duty

Insurance tax

Value added taxes

Solidarity surcharge

Corporation tax

Assessed income tax

Wages tax

0 20 000 40 000 60 000 80 000 100 000 120 000

Es tim ated 2012 Actual January to April 2012

Federal tax revenue (by selected categories)


mill ion% = % of estimate

Estimate: Government draft of the supplementa ry budget as at 21 March 2012.


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TRENDS IN GENERAL GOVERNMENT TAX REVENUE

- 10 -

Trends in general government tax revenue

2012 AprilChange on the

year

January to

April

Change on the

year

2012

estimates

Change on the

year

in m in % in m in % in m 4 in %

Joint taxes

Wages tax 2 12 124 +6.6 46 230 +5.4 147 450 +5.5

Assessed income tax 714 +40.4 9 170 +26.3 34 700 +8.5

Non-assessed taxes on earnings 958 -61.6 6 030 -20.5 17 650 -2.7

Interest income deduction 617 +0.3 4 083 -1.3 8 020 +0.0

Corporation tax - 316 X 5 155 +238.2 18 300 +17.1

Value added taxes (VAT) 15 113 +6.2 64 079 +4.0 196 350 +3.3Trade tax apportionment 710 -2.7 861 -8.1 3 811 +3.8

Increased trade tax apportionment 709 -0.5 833 -4.4 3 239 +0.6

Total joint taxes 30 630 +3.1 136 441 +6.8 429 520 +4.6

Federal taxes

Energy tax 3 171 +2.4 7 577 +0.3 39 950 -0.2

Tobacco duty 1 220 +4.4 3 525 -13.2 14 200 -1.5

Spirits duty 149 +5.1 725 +1.4 2 120 -1.4

Insurance tax 663 -3.0 5 844 +5.2 11 000 +2.3

Electricity duty 571 -12.4 2 286 -6.2 6 920 -4.5

Motor vehicle tax 771 +8.1 3 099 +1.2 8 400 -0.3

Aviation tax 78 +8.4 265 +38.9 960 +6.1

Nuclear fuel tax 519 X 171 X 1 470 +59.4

Solidarity surcharge 845 +6.7 4 153 +7.5 13 300 +4.1

Other federal taxes 130 +10.4 532 +3.5 1 507 +0.3

Total federal taxes 8 118 +9.1 28 177 +0.8 99 827 +0.7

Lnder taxes

Inheritance tax 334 +0.6 1 391 -7.4 4 280 +0.8

Real property transfer tax 551 +32.0 2 427 +23.0 7 330 +15.2

Lottery and sports betting tax 109 -8.9 482 -1.4 1 419 -0.1

Beer duty 56 -1.6 207 +0.4 700 -0.3

Other Lnder taxes 23 +11.4 196 +5.2 378 +4.6

Total Lnder taxes 1 074 +13.3 4 703 +8.0 14 107 +7.7

EU own resources

Customs duty 349 -8.0 1 475 -1.9 4 750 +3.9

VAT-based own resources 161 +113.0 966 +34.0 2 030 +7.4

GDP-based own resources 1 622 +100.8 9 513 +22.6 22 760 +26.4

Total EU own resources 2 133 +68.8 11 953 +19.8 29 540 +20.8

Federation3 18 451 +1.1 74 086 +3.1 252 254 +1.7

Lnder3 17 287 +2.8 74 677 +6.1 234 206 +4.4

EU 2 133 +68.8 11 953 +19.8 29 540 +20.8

Municipalities' share of income tax and value-

added tax2 301 +7.5 10 079 +7.3 32 204 +5.5

Total tax revenue (excluding 40 172 +4.4 170 795 +5.7 548 204 +4.0

1 Method: Recording the total cash income of the individual taxes and dis tributing these to the various levels as set out by law. For technical

reasons, the tax amounts actual received in the current month from the individual territorial subdivisions may differ from the amounts budgeted.

4

Result of the Working Party on Tax Revenue Estimates in May 2012.

After deduction of child benefit refunds by the Bundeszentralamt fr Finanzen.

3 After supplementary grants; deviation from Table 1.3 on account of the method.

Development of tax revenue in total public budgets in the current year1


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Tax revenue of the Federation and Lnder in April 2012

Tax revenue (excluding local authority taxes) in

April 2012 climbed by 4.4% on the year. A

breakdown of this figure shows year-on-year

increases of 3.1% in joint taxes, 9.1% in taxes

accruing solely to the Federation and 13.3% in taxes

accruing solely to the Lnder. The cumulative tax

revenue for January-April 2012 was up by 5.7% on

the year.

Due to a marked increase in transfers to the EU, the

growth in revenue accruing to the Federation, at

1.1%, was lower than the rate of revenue growth in

the Lnder (2.8%) The divergence between the two

rates is somewhat larger for the cumulative period

of January-April 2012, with +3.1% for the

Federation comparing to +6.1% for the Lnder.

Cash receipts from wages tax in April 2012 were up

6.6% over the same month last year. Gross revenue

from wages tax (before deduction of child benefit)

posted a year-on-year increase of 5.2%. This was

markedly below the rate of growth recorded in April

2011 (+6.8%). The volume of child benefit

payments reached the previous years level

(+0.4%). Cash receipts for the January-April 2012

period were up 5.4%.

Cash receipts from assessed income tax registered ayear-on-year improvement of 40.4% in April 2012.

Gross revenue from assessed income tax was up by

15.5% compared with April 2011. While a rise of

around 18% in back payments and a roughly 2%

decrease in refunds contributed to this rise, pre-

payments were down by approximately 8%.

Refunds made to employed persons assessed for

income tax increased by 8.0% in the month under

consideration. The fact that cash receipts posted a

larger rise than gross revenue is due to a statistical

phenomenon (a lower baseline for calculating the

rate of change). In absolute terms, gross revenue (up

32 204

234 206

29 540

252 254

10 079

74 677

11 953

74 086

0 50 000 100 000 150 000 200 000 250 000 300 000

Municipalities` share

of income tax and

value-added tax

Lnder

EU

Federation

Tax revenue es timate in May 2012 January to April 2012

million

Source: Federal M inistry of Finance

Tax revenue excluding local authority taxes, January to April 2012


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- 12 -

331m) increased more than the cash receipts (up

205m). For the January-April 2012 period, the risein cash receipts was 26.3%.

Receipts from corporation tax improved in April

2012, rising from 1.0bn to 0.3bn. This was

particularly due to a decline of around 24% in

refunds and an increase of roughly 20% in back

payments compared with April 2011. Similarly, the

January-April outturn rose from 1.5bn in 2011 to

5.2bn in 2012.

Cash receipts from non-assessed taxes on earningsin April fell sharply on the same month last year,

from 2.5bn to 1.0bn. Revenue from this source is

affected by the distribution dates for the profits of

large publicly held companies in April and May.

There have been delays in the booking of cash

receipts here due to the introduction of a new

settlement procedure. Gross revenue for the

January-April 2012 period declined from 8.2bn to

6.6bn. As refunds by the Federal Central Tax

Office were down by 2.6%, the cash receipts were

20.5% lower than for the same period last year.

The volume of receipts from the final withholding

tax on interest and capital gains was essentially the

same as a year ago (0.3%). The figure for the period

between January and April 2012 was down by 1.3%

on the year.

Value-added taxes yielded 6.2% more in April 2012

than a year previously. This 6.2% year-on-year

increase was the same for both import VAT and

(domestic) VAT. Over the January-April 2012

period, value added taxes yielded 4% in additional

revenue.

Taxes accruing solely to the Federation posted a

9.1% revenue increase in April 2012. Almost all of

the individual taxes achieved positive results, in

particular solidarity surcharge (+6.7%), energy duty

(+2.4%), tobacco duty (+4.4%) and motor vehicleduty (+8.1%). Energy duty on motor fuel

consumption saw a 1.3% revenue increase, while

receipts from energy duty on heating rose by an

impressive 28.6% (although this accounts for only

5% of the overall take). The successive increases in

the rate of tobacco duty that have been implemented

since the spring of 2011 have led to considerable

fluctuations in monthly receipts. Revenue was down

by 13.2% in the January-April 2012 period.

Aviation tax yielded 8.4% in additional revenue in

the month under consideration (and cumulative

revenue of 264.8m from January to April 2012).

Electricity duty receipts were down (12.4%), but

such fluctuations in the monthly take are normal.

On a cumulative basis from January to April 2012,

revenue contracted by 6.2%. Insurance tax, too,

recorded a decline in April (3.0%). In the case of

nuclear fuel duty, 519.1m that had previously been

refunded were paid back to the Federation as

expected. For the cumulative period of January-

April 2012, the year-on-year increase in revenue

from purely federal taxes was moderate, at 0.8%.

Receipts from taxes accruing solely to the Lnder in

April 2012 posted a 13.3% gain over April 2011. As

in the previous months, this is again largely thanks

to revenues from real property transfer tax that grew

by 32.0% compared with a year ago, due among

other things to an increase in tax rates in many

instances over the course of the last year. There

were also positive developments in the case of fire

protection tax (up 8.9%) and inheritance tax (up

0.6%). However, betting and lottery tax and beer

duty saw their receipts fall (by 8.9% and 1.6%

respectively). For the cumulative period of January-

April 2012, revenue from Lnder taxes increased by

8.0% over the same period last year


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FEDERAL BORROWING AND MARKET RESOURCES

- 13 -

Federal borrowing and market resources

As on Increase Decrease As on

29 February 2012 31 March 2012

Index Linked Bonds 46 000 2 000 0 48 000

Federal bonds2 638 736 4 000 0 642 736

Special federal bonds 211 000 4 000 0 215 000

Federal savings bonds3 8 003 14 148 7 869

Federal treasury notes 145 000 5 000 19 000 131 000

Treasury discount paper 53 959 6 997 8 933 52 023

Treasury financing paper4 431 11 33 409

German government day-bond 2 170 29 65 2 134

Loans against borrowers' notes 12 061 0 0 12 061

Treuhand medium-term notes 1 115 415 677 852

Total outstanding debt 1 118 475 1 112 084

m

Federal borrowing and market resources1

Federal market resources after absorption of special fund debts

As on As on

29 February 2012 31 March 2012

Short term (up to 1 year) 217 655 214 444

Medium term (1 year to 4 years) 364 983 351 945

Long term (over 4 years) 535 836 545 695

Total outstanding debt 1 118 475 1 112 084

m

1For technical reasons the borrowing figures will be published with a delay of two months. The data for the time period up to and including

December will therefore be published in the February monthly report.

210-year and 30-year federal government bonds (Bunds) and euro equivalent of the bond denominated in US dollars

3 Type A and type B federal savings notes (Bundesschatzbriefe)4

One-year and two-year federal treasury notes (Schtze)

By remaining term


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PUBLICATION SCHEDULE OF THE MONTHLY REPORTS

- 14 -

Budget frameworkallocated amount as on

31 March 2012

allocated amount as on

31 March 2011

Export credit guarantees 135.0 120.3 111.4

Untied loans, direct foreign investments, loans of

the EIB, KfW shareholding in EIF50.0 40.7 35.2

Bilateral financial cooperation projects 9.0 3.8 2.4

Food stockpiling 0.7 0.0 0.0

Domestic guarantees 171.0 108.6 105.8

International financial institutions 62.0 55.9 54.1

Treuhandanstalt-successor organistions 1.2 1.0 1.0

Interest compensation guarantees 8.0 6.0 6.0

Guarantees for loans to Greece under the

Currency Union Financial Stability Act of

7 May 2010

22.4 22.4 22.4

Loan guarantees under the Act on Guarantees

pertaining to the European Stability Mechanism of

27 May 2010

211.0 95.3 9.2

Guaranteed debt

bn

Publication schedule of the Monthly Reports

June 2012 May 2012 June 21, 2012

Publication schedule of the Monthly Reports

Monthly Report Reporting period Publication date

July 2012 June 2012 July 20, 2012

August 2012 July 2012 August 20, 2012

September 2012 August 2012 September 21, 2012

October 2012 September 2012 October 22, 2012

November 2012 October 2012 November 22, 2012

December 2012 November 2011 December 21, 2012


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KEY DATES ON THE FISCAL POLICY AGENDA

- 15 -

Key dates on the fiscal policy agenda

18/19 June 2012

21/22 June 2012

28/29 June 2012

9/10 July 2012 ECOFIN and Eurogroup in Brussels

Key dates on the fiscal policy agenda

European Council in Brussels

Eurogroup and ECOFIN in Luxembourg

G-20 summit in Los Cabos (Mexico)

Documents

German Ministry Finance Monthly Report May 2012