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Essay text:
But anemic
private consumption and contraction in the construction industry limited the
expansion. Unemployment continued to set post-war monthly records through
the end of 1997 and averaged 4.3 million for the year. In preparation for the first
of January 1999, the start of the European Monetary Union, the government has
made major efforts in 1996-97 to reduce the fiscal deficit. This effort has been
complicated by growing unemployment, an erosion of the tax base, and the
continuing transfer of roughly $100 billion a year to eastern Germany to
refurbish this ex-communist area. In recent years business and political leaders
have become increasingly concerned about Germany's decline in attractiveness
as an investment target...
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